EDP Open Innovation is an acceleration program for development of new business projects focused on technological innovation or business model innovation in the area of clean technologies in the energy sector.
The innovative Swiss startup SAMAWATT was selected to participate in an acceleration program offered by EDP Open Innovation in Lisbon in October. Out of 200 companies from all over the world, SAMAWATT won the EDP Open Innovation Award 2018 at the end of the program. The award includes a cash prize of EUR 50,000 as well as the opportunity to participate in the Web Summit where the company can showcase its solution.
SAMAWATT is a team of data scientists, based near Geneva, who are passionate about translating data into profitable strategies. 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.Since January 2017, the company has demonstrated a steady market penetration founded on a unique product that adds value to wind power producer and managers.
SAMAWATT's typical clients are wind and solar parks managers who face the challenge of intermittent energy production due to uncertain weather conditions. SAMAWATT employs state-of-the-art machine learning algorithms to extract higher financial value from renewable energy assets, while reducing the notoriously high grid imbalance costs by 30%.