BREAKING NEWS – 31.05.2023

In a press release of May 25th 2023, algoWatt, Green Tech Company listed on the Euronext Milan (EXM) market, announced that it had successfully completed the installation of 20 single-phase and 2 three-phase meters in the island of Formentera. The installation is part of one of the pilot projects of the VPP4ISLANDS initiative, aimed at testing RECs (Virtual Renewable Energy Communities) and VPPs (Virtual Power Plants). The installations of the two types of meters have been carried out in different locations. Specifically, thanks to the campaign aimed at proactively involving volunteers in the project implementation phase, single-phase meters were installed within private homes, while three-phase meters were installed at public institutions, including schools and municipalities, located on the island. In doing so, the energy data collected was recorded and measured through an appropriately developed measurement concept, which also allows time collection. In addition, through the strategic partnerships developed with Schneider Electric and the Municipality of Formentera, the company has contributed to the installation of VPP4IBox, specially designed tools to ensure pro-active control of energy assets in the context of VPP management. Specifically, algoWatt developed the Modbus TCP/IP, the integration module with the VPP4IBox, which acts as an integrator of the VPP4Platform and for the configuration of the technical infrastructure on a per-turn basis for the collection of data from the pilot field and the sending of control signals. Such an outcome is certainly the result of the intensive campaign, prepared by algoWatt, which took place by sending highly specialized resources to the site with the aim of communicating the key points of the project’s philosophy to the residents of the island. At the same time, the R&I division conducted a social media campaign through the local radio station, raising awareness among the local population, raising their curiosity and bringing them closer to the initiative.  The combination of corporate engagement initiatives and word of mouth about the project’s results triggered a virtuous circle that resulted in the rapid involvement of a substantial number of volunteers in this first stage of integration activities in the field. VPP4ISLANDS envisions contributing to the adoption of clean and green energy in the island territory, the reduction of electricity cost emissions, and the creation of new opportunities in the islands, which will be possible precisely through the introduction of virtual energy storage techniques, digital twin and distributed registries.  At the completion of the Formentera project, algoWatt will be able to use the new skills gained from this experience in initiatives aimed at achieving energy self-sufficiency in the Italian islands.  Aware of the success of the initial phase of the project, algoWatt considers these results as a substantial step forward in energy-saving education for the local population. The project has attracted the interest of the Horizon 2020 research and innovation program, promoted by the European Union under Grant Agreement N. 957852, thus obtaining funding.   Future developments of VPP4ISLANDS and the integration with the Formentera pilot will enable algoWatt to make further fine-tuning of the advanced functionality of the RECs included in LIBRA CE, which is already integrated within the project’s metering architecture and a pillar of the VPP4INode component interfacing field (VPP4IBox) and VPP management (VPP4IPlatforms). A similar campaign is planned to be carried out in the near future on the island of Gokceada, Turkey, another main hub of the VPP4ISLANDS pilot project. Considering the press release, we confirm our recommendation, target price of € 1.50, BUY rating, and risk MEDIUM.

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