Réttur advised the energy giant Encevo on its investment in SnerpaPower
Réttur – Aðalsteinsson & Partners advised the Luxembourg-based energy giant, Encevo, on its investment in the Icelandic software company SnerpaPower.
Encevo led SnerpaPower’s €3.4 million funding round alongside existing shareholders Crowberry Capital and BackingMinds and a growth grant from the Icelandic Technology Development Fund. SnerpaPower will use the funding to expand into the European market.
SnerpaPower develops AI software that connects industrial operations, power purchase agreements and the electricity market in real time, enabling large energy users to forecast demand, reduce costs and create value through greater flexibility. Its software is already in use at around 15 industrial sites across the Nordics.
Encevo, which has annual revenues of more than €3 billion, operates in Luxembourg, Germany, France, Belgium and the Netherlands.
Many congratulations to Encevo, SnerpaPower and the other participants in the funding round, on this impressive milestone.