After a two-week acceleration program in Lisbon, SAMAWATT has won the EDP Open Innovation Award 2018. More than 200 companies from all over the world had applied for the program. The EDP open innovation jury awarded SAMAWATT a cash prize of €50,000.
SAMAWATT helps wind and solar park operators to optimise the renewable energy sales. The team of quantitative analysts and data scientists apply sophisticated deep learning algorithms which enable operators to manage the market risk efficiently. Solutions include accurate production and price forecast, spot market trading strategies, battery storage optimization, and peer-to-peer energy exchange using modern technology and powerful algorithms. This results in significant reduction in grid imbalance penalties facing wind and solar farms operators.
In October, SAMAWATT has been selected for EDP Open Innovation, an acceleration program for the development of new business projects focused on technological or business model innovation in the area of clean technologies in the energy sector. EDP is a multinational, vertically integrated utility company with around 12.000 employees.
During the last two weeks, SAMAWATT took part in an intense acceleration program together with nine other selected start-ups from around the world. At the end of the program, the Swiss company won the first prize worth €50,000. In addition SAMAWATT will have the opportunity to attend the Web Summit and to showcase its solution at this huge event.
SAMAWATT was founded by Mahmoud Hamada, a former head of the quantitative analysis departement at RWE Supply and Trading and adjunct professor of commodity risk management at the University of Geneva since 2010. The company has already one paying Swiss customer and two ongoing pilot projects with another Swiss and a Portuguese customer. The business model of SAMAWATT is license-based. Fees are based on the capacity of the managed wind or solar park.
(SK)
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