Iceland-based SNERPA Power raises €2.2M to decarbonise the energy sector

Reykjavik-based SNERPA Power, a company that aims to speed up the energy transition, announced that it has secured €2.2M in a fresh round of funding to boost decarbonisation of the energy sector.

The investment was co-led by Iceland-based Crowberry Capital and Sweden’s BackingMinds.

SNERPA Power says it will use the funds to scale its workforce, expand internationally, and build out its commercial footprint.

Speeding up the energy transition

Currently, power Intensive Industries contribute to 37 per cent of the world’s energy consumption and are responsible for 24 per cent of global CO2 emissions.

As these industries expand, it becomes imperative to implement efficiency measures, automation, and sustainable practices to reduce CO2 emissions and expedite the transition to a carbon-neutral energy sector. This is where SNERPA Power looks to make a difference.

Íris Baldursdóttir, CEO of SNERPA Power, says “Power Intensive Industries recognise 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 participate actively.”

“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,” adds Baldursdóttir.

Founded in January 2022 by Íris Baldursdóttir and Eyrún Linnet, SNERPA Power aims to create intelligent energy services for power-intensive industries, generating new revenue streams and enhancing competitiveness in the electricity market while facilitating the energy transition.

“The sustainable and intelligent use of energy resources is our passion and we believe that through innovation, automation and digitalisation of industrial load, there are gains to be created for the benefit of our customers and the energy system as a whole,” says the company.

SNERPA Power collaborates with power-intensive consumers to identify customised solutions that align with their load attributes and the prevailing trends in the electricity market.

Editor’s Note: This article has been updated to correct the headquarters of SNERPA Power, which is based in Iceland, not Finland as previously stated. We regret any confusion this may have caused.