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Breaking News, Research 20 Jan 2023

BREAKING NEWS – 20.01.2023

In the press release of 16 January 2023, algoWatt, a GreenTech Company listed on the Euronext Milan market of the Italian Stock Exchange, announced that it had received a loan of about € 0.28 million to invest in Digital Energy Solution Provider and System Integrator activities as part of the THUMBS UP project (Thermal energy storage solUtions to optimally Manage BuildingS and Unlock their grid balancing and flexibility Potential), financed through funds from the Horizon Europe program and aimed at achieving results that significantly contribute to the development of a sustainable economy in the European Union.

The THUMBS UP project aims to develop innovative thermal energy storage technologies on a daily and weekly basis to be integrated into buildings, with the aim of increasing energy efficiency and exploiting the “Power to Heat” paradigm, to make buildings take a central role in the flexibility of the global energy network. Therefore, the ultimate goal of this project is to go beyond the limits of the technologies currently present in buildings, increasing energy density and reducing the factors of capital intensity to be invested in the sector.

Specifically, THUMBS UP intends to promote complementary digital innovations, able to simulate, optimize and maximize the technical, operational, and economic benefits of the proposed solutions, through: the Smart Building Energy Management System, which will be implemented by algoWatt, to integrate, monitor, and manage building-level design solutions, maximize the use of local FER, streamline H&C (Heating & Cooling) systems and coordinate operations with other building assets, as well as with energy demand; the Digital Twin, with the aim of optimizing and maximizing the energy flexibility and load-shifting benefits provided by the integrated solutions in buildings to the electricity grid, as well as coordinating the operation of the solutions with the supply of thermal energy from the DHN, reduce thermal power peaks and allow the use of heat in a more flexible way.

Finally, the project, which required investments of about € 7.60 million, of which about € 6.40 million was financed by the Horizon Europe research and innovation program, and which will be developed over 4 years, is coordinated by Veolia Servicios Lecam Sociedad Anonima Unipersonal (ES) and sees the participation of companies, universities, and research centers.

The announcement confirms our positive view of the Company. We confirm our recommendation: BUY rating, Target Price € 1.50, and MEDIUM risk.

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