Energy firm Alteo to launch R&D project for HUF 1.1 bln

Pharma

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Budapest-listed alternative energy company and trader Alteo said it will launch an almost HUF 1.1 billion research and development project aimed at creating a model for the innovative use of battery-based energy storage.

The company won a grant of nearly HUF 500 million for the project from Hungaryʼs National Research, Development and Innovation Office (NKFIH). The system will make it easier to forecast and plan the utilization of weather-dependent energy sources.

The company will spend the money to create an intelligent system through developing and extending the regulatory center of its heat and electricity-producing stations and through the integration of the connected windmills and electricity storage facilities.

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