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April 8, 2022

Signed Memorandum of Understanding (MoU) with Rio Tinto in Iceland (ISAL)

Íris Baldursdóttir

CEO & Co-founder

The purpose of the MoU is to confirm Rio Tinto ISAL and SNERPA Power´s intent to investigate the technical complexity in combining various real-time data sets and the set up of a Lighthouse Customer Agreement.

SNERPA Power has started the development of a first of its kind software platform for the Icelandic market with the aim of maximizing the value of load flexibility for the industry and thereby making them an active participant in balancing the grid, currently done solely by generators today.

" SNERPA Power's objectives fit well with our goals of automating and streamlining our processes. The solution is in line with ISAL's policy and supports improved utilization of energy resources and efficiency in the electricity market. It is also important for us to support innovation." - Gaukur Garðarsson, Maintenance Manager

The collaboration agreement aims to:

- Set up a Lighthouse Customer Agreement with Rio Tinto in Iceland

- Investigate the technical complexity in combining various real-time data sets.

- Accelerate the digitalization and automation of ISAL´s current processes.

We are incredibly excited to start working towards the goals of this MoU together with ISAL. The support and interest of ISAL in the development of the SNERPA Power software platform is essential at this stage. We look forward to exploring and solving the technical challenges in combining the life-data streams which will serve as a fundament for the software algorithms. We truly believe that the collaboration will bring value to both companies and, seen from a larger perspective, to society as a whole, as the SNERPA Power platform will contribute to a more efficient use of resources and leave room for the energy transition. - Íris Baldursdóttir, Co-founder and CEO of SNERPA Power

About SNERPA Power

SNERPA Power was founded with the purpose of creating intelligent energy solutions that tap into the full potential of the power intensive industry, creating new revenue streams for its industrial customers, increasing their competitiveness and leaving more room on the market for the energy transition. Our mission is to be a catalyst for change in the market by shifting the focus from the electricity production side to the demand side. SNERPA Power will create value through innovation, automation and digitalization of industrial load where there are gains to be made for Power Intensive Users (PIUs) and the energy system as a whole, both in Iceland and internationally.

SNERPA Power has earlier this year received funding from the Technology Development Fund in Iceland and Islandsbanki.

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We look forward to exploring and solving the technical challenges in combining the life-data streams which will serve as a fundament for the software algorithms.

Íris Baldursdóttir

CEO & Co-founder

Íris Baldursdóttir

CEO & Co-founder

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