Alteo wins HUF 400 mln grant for R&D project

Green Energy

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.

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