Reykjavik-based startup SNERPA Power has secured €2.2 million in funding to accelerate the transition towards a more sustainable and decarbonized energy sector. This funding comes at a crucial time, as power-intensive industries are responsible for a significant portion of global energy consumption (37%) and carbon dioxide emissions (24%). To address this challenge, SNERPA Power aims to provide efficient, automated, and sustainable solutions that help lower CO2 emissions and balance energy grids. The funding round, led by venture capital firms Crowberry Capital and BackingMinds, was oversubscribed within two weeks. The capital will be used for international expansion and further development of the company’s products.
Industry veterans, Íris Baldursdóttir (CEO) and Eyrún Linnet (CTO), founded SNERPA Power in 2022 with the vision of helping accelerate the world’s energy transition. The energy balancing markets stand at a total of around €70bn (2020) worldwide and the need for flexibility services is expected to grow tenfold in this decade alone.
SNERPA Power can unlock the full potential of the power intensive industry, such as metal producers, data centres, hydrogen producers, leading to new revenue streams, increased competitiveness, and cost savings.
“I was so lucky to learn before Snerpa Power was established what Iris and Eyrun were brewing. Without any hesitation I encouraged them to focus fully on establishing Snerpa Power knowing that their strong customer value proposition is built on a long standing industry experience”, says Jenny Ruth Hrafnsdottir, Founding Partner of Crowberry Capital.
“We’ve been looking at investing in the broader Energy space for a while and when we met the co-founders of SNERPA Power, Iris and Eyrun, we were instantly fascinated by their unique insight and combined +40 years of industry experience. Therefore’ it was a no-brainer for us to support two such strong female leaders in their mission to drive the green transition within the energy sector”, says Susanne Najafi, Founding Partner of BackingMinds.
“Power Intensive Industries recognize that energy efficiency and sustainable energy usage are pivotal in maintaining competitiveness within today’s rapidly evolving energy landscape. Ambitious industries want to be a part of the net-zero energy system and the energy system needs them to actively participate. However, new tools and solutions are urgently needed to solve complex challenges and make it attractive and profitable for industries to take part. That’s what Snerpa Power is all about and there are substantial savings for industries to be made.”, says Íris Baldursdóttir, CEO of SNERPA Power.
“We believe that through innovation, automation and digitalization of industrial load there are gains to be created for the benefit of our customers and the energy system as a whole. We partner up with power intensive users to find the optimal solution adapted to their load characteristics, and of course the trends on the electricity market”, says Eyrún Linnet, CTO of SNERPA Power.
SNERPA Power ́s Energy Management System enables companies to leverage real-time data for improved and automated decision-making around electricity consumption, scheduling, contract management and providing flexibility to the grid. By being present in flexibility markets through the software, industries can safely and in a profitable way contribute to grid balancing and stabilisation without jeopardising their core operations.
In an ever-changing energy landscape with a net-zero energy system as the goal, SNERPA Power empowers industries with new strategies for energy management, leading to improved efficiencies, reduced energy costs, and enhanced power system stability overall.
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