Alteo wins HUF 400 mln grant for R&D project
Listed alternative energy company Alteo on Tuesday said it won a HUF 400 mln grant together with the Rényi Alfréd Mathematical Research Institute from the National R&D&I Fund to develop an automated system for balancing out supply and demand in an increasingly diverse energy market, according to a report by state news wire MTI.
Alteo and the Rényi Alfréd Mathematical Research Institute seek to optimize energy consumption and output with a "smart" system based on artificial intelligence in the close to HUF 1 billion project. An electric furnace that can be used to increase the flexibility of the system is part of the project.
The project could contribute to the accelerated rollout of power plants fueled with renewable resources, while improving the stability and secure supply of the electricity system and supporting the establishment of a climate-neutral economy, Alteo said in a press release.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.