BREAKING NEWS – 12.06.2023

In its press release of June 5, 2023, AlgoWatt, a GreenTech company listed on the Euronext Milan segment of the Italian Stock Exchange, announced that it has won the SAS Hackathon 2023 award in the Global Technology “Forecasting” category, in collaboration with the University of Genoa and the University of Oakland.  SAS Hackathon is the global challenge organized by SAS, a leader in analytics, artificial intelligence and transforming data into accessible knowledge and information; SAS technologies and open-source tools allow developers, students, startups and others to implement innovative solutions in the growing areas of digital energy and the new Renewable Energy Community (REC) paradigm, in which algoWatt is the leader in Italy.  Following the success of the 2022 edition, this year saw more than 1,400 people from 75 candidate countries, with more than 100 teams representing 140 organizations including data scientists, quantitative experts, business analysts, marketing experts and various industry professionals.  The competition is then divided into four macro-categories: Industry, Technology, Specialty, Regional, each of which is divided into different areas. Among these, as anticipated, the “Forecasting” section of the Technology category saw the algoWatt Group emerge as the winner, thanks to a project for an innovative decision support tool for the planning, sizing, and operation of RECs.  The recent news follows several initiatives pursued by algoWatt in the past few months. In its press release of 31 May, the company announced the conclusion of the technical activities of the EFFICACITY project for the intelligent and efficient optimization of the collection and reuse process of cumbersome waste in urban areas, with a total value of around € 2.00 million, financed among others by AMIU (Azienda Multiservizi e d’Hygiene Urbana) Genoa. In this case, the activities concerned the study and application of digital technologies to optimize the recycling and reuse of bulky waste in the metropolitan area of Genoa, always with a view to the circular economy.  These projects show the great progress made by algoWatt in GreenTech and confirm our positive view of the company’s performance. Pending evaluation of the FY 2022 financial results, which are expected to be published in June, we confirm our recommendation: target price € 1.50, rating BUY and risk MEDIUM.

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