Women-Founded SnerpaPower Secures €3.4 Million for European Expansion

Women-Founded SnerpaPower Secures €3.4 Million for European Expansion

Editor’s summary: The Icelandic deep-tech company is scaling software that helps energy-intensive industries adjust electricity use and respond to changing grids.

REYKJAVÍK, Iceland — SnerpaPower has secured €3.4 million in new financing to expand its industrial energy-management platform across Europe.

The package consists of a €3 million seed investment led by Luxembourg energy company Encevo and a €400,000 Vöxtur grant from the Icelandic Technology Development Fund. Existing investors Crowberry Capital and BackingMinds also participated.

Founded in 2022 by Íris Baldursdóttir and Eyrún Linnet, SnerpaPower develops software that helps power-intensive industries plan and optimise electricity consumption.

Electricity grids are becoming more complex as renewable generation expands. Wind and solar output vary, while industrial facilities require dependable power. Software can help large users shift flexible consumption to periods when electricity is cheaper or more readily available.

SnerpaPower says its platform manages data connected to more than 10 terawatt-hours of annual industrial electricity use. That company-reported figure should be treated as such, but it indicates the scale of the market the founders are targeting.

The funding is significant beyond a standard software expansion. Climate technology often requires specialist knowledge, long sales cycles and integration with regulated infrastructure. Women founders face additional barriers in accessing capital for technically complex businesses.

SnerpaPower will use the investment to reach more European industrial customers. Its challenge will be demonstrating measurable savings and grid benefits across markets with different energy prices, regulations and technical systems.

The company’s development also shows how women founders are moving into infrastructure-level technology rather than being confined to consumer products traditionally associated with female entrepreneurship.