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algoWatt S.p.A. - European project funded for integration of virtual energy storage systems into smart grids

  • Dec 1, 2022
  • 224 views
Source: 
Borsa Italiana (Web Disclosure) via PUBT

Press Release

Milan, 1 December 2022

algoWatt: European project funded for integration of virtual energy storage systems into smart grids

  • The company was awarded a EUR 310,000 grant under the Horizon Europe programme, with the project FlexCHESS
  • FlexCHESS will improve the storage capacity and resilience of smart grids in Europe by supporting Virtual Energy Storage Systems (VESS)
  • The project, which involves a consortium coordinated by the University of Marseille, will run for a total of 36 months and has obtained funding of EUR 3.2 million

algoWattS.p.A., a GreenTech Solutions Companylisted on the Euronext Milan market of the Italian Stock Exchange, announces that it has been awarded a Euro 310,000 grant under the Horizon Europe programme for the project FlexCHESS - Flexibility services based on Connected and interoperable Hybrid Energy Storage System.

In particular, this is a project, with a total duration of 36 months and an investment of approximately EUR 2.9 million, with EU funding of around EUR 2.3 million for the Consortium coordinated by Universite D'aix Marseille (AMU) and involving 10 partners including energy companies, utilities, research centres and universities.

The FlexCHESS project intends to revolutionise existing energy storage management paradigms by developing a multi-level flexibility approach based on the Virtual Energy Storage System (VESS) concept capable of storing excess energy through hybrid energy storage systems (HESS), modifying their architecture and behaviour to support the dynamics of production and consumption, climate change and the energy market. In the Consortium's intention, FlexCHESS will improve the storage capacity and resilience of smart grids in Europe, thanks to the support that VESS can offer in dealing with the uncertainties and weaknesses associated with the wide integration of FRNP. Based on the Connected Hybrid Energy Storage System (CHESS) aggregation concept, the project intends to improve grid stability by increasing the profitability of generation and storage system installations and ensuring various ancillary services at the distribution and transmission grid level.

FlexCHESS will release a scalable and configurable Open Flexibility Platform (OFP) to facilitate the aggregation of different VESS technologies. The OFP will be powered by, among other things, a comprehensive Digital Twin to support decision-making processes for the integration of new resources into the VESS. algoWatt will coordinate the activities involved in the implementation and integration of the OFP's intelligent functionalities, to provide a complete set of differentiated and complementary services focused on maximising and optimising the flexibility offered by the VESS. In order to validate and evaluate the proposed technological solutions, demonstration activities are planned at five representative pilot sites with different and significant characteristics.

The FlexCHESS project received funding from the European Union's Horizon Europe research and innovation programme under Grant Agreement No. 101096946.

Press Release

Milan, 1 December 2022

This press release is also available on the Company's website www.algowatt.comand on the regulated information dissemination system 1INFO www.1info.it.

algoWatt (ALW), aGreenTech solutions company,designs, develops and integrates solutions for managing energy and natural resources in a sustainable and socially responsible manner. The company provides management and control systems that integrate devices, networks, software and services with a clear sectoral focus: digital energy and utilities, smart cities & enterprises and green mobility. algoWatt was bofrom the merger of TerniEnergia, a leading company in the renewable energy and environmental industry, and Softeco, an ICT solutions provider with over 40 years of experience for customers operating in the energy, industry and transport sectors. The company, with more than 200 employees in 7 locations in Italy and investments in research and innovation amounting to more than 12% of its turnover, operates with an efficient corporate organisation, focused on its reference markets: Green Energy Utility: renewable energies, digital energy, smart grids; Green Enterprise&City: IoT, data analysis, energy efficiency, building and process automation; Green Mobility: electric, sharing and on demand. Different markets, one focus: sustainability. algoWatt is listed on the Euronext Milan market of Borsa Italiana S.p.A..

For information:

Investor Relations

Press Office

algoWatt SpA

algoWatt SpA

Filippo Calisti (CFO)

Federico Zacaglioni

Tel. +39 0744 7581

Tel. +39 0744 7581

filippo.calisti@algoWatt.com

Mobile +39 340 5822368

   

federico.zacaglioni@algoWatt.com

Disclaimer

algoWatt S.p.A. published this content on 01 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2022 14:54:15 UTC.

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