Encevo, a Luxembourg energy group with more than €3bn in annual turnover, has led a €3m seed investment in SnerpaPower, an Icelandic startup helping heavy industry cut electricity costs.
Reykjavík-based Crowberry Capital and Stockholm-based BackingMinds, which co-led the company's oversubscribed €2.2m first round in 2023, both followed on. A €0.4m grant from the Icelandic Technology Development Fund takes the total to €3.4m.
SnerpaPower is led by two female energy veterans, chief executive Íris Baldursdóttir and chief technology officer Auður Vésteinsdóttir. Baldursdóttir previously ran system operations at Landsnet, Iceland's grid operator.
"Power-intensive industries can no longer treat electricity as a fixed operating cost," Baldursdóttir said in a press statement.
Vésteinsdóttir said the technical challenge lies in respecting every operational constraint while reacting to markets in real time, adding the goal is to make "sophisticated electricity optimization simple" for industrial customers.
SnerpaPower's AI platform connects industrial operations to electricity contracts and markets in real time. It helps factories forecast demand, automate power purchasing, and sell spare flexibility back to the grid.
The company says its software runs across roughly 15 Nordic industrial sites and manages more than 10 TWh of consumption a year, which it claims is over 1% of all electricity used by EU industry.
For Crowberry, the deal deepens an early conviction bet on industrial energy flexibility.
"Their technical mastery and vision for a sustainable future make SnerpaPower a cornerstone of our portfolio," Jenny Ruth Hrafnsdóttir, founding partner at Crowberry Capital, said in a press statement.
The deal lands as Iceland's small but lively startup scene gathers pace. The country's VC deal value rebounded in 2025, putting it on course for triple-digit growth, per PitchBook.
The funding will support expansion into additional European markets, the company says.