Wegaw, the Spanish-Swiss climate tech startup, has raised 1.1 million US dollars in its first funding round. Banco Sabadell is participating in this round through the BStartup Green programme alongside international funds such as Katapult.vc, Great Stuff Ventures, Business Angels Switzerland and Seedrs. Wegaw received various offers that exceeded the round signed in the end, but the startup selected those investors that most closely matched its needs and growth potential.
With offices in Lausanne (Switzerland) and Malaga, the company developed a new technology that processes satellite data with artificial intelligence for monitoring and predicting energy generation from clean sources. Using information from seven satellites and combining SAR and optical technology, it leverages machine learning to monitor environmental variables and predict electricity production.
This information, which is essential for renewable energy companies, enables an increase in production of up to 10% and an optimisation of the commercial price per MWh of up to 5%.
Since its creation in 2016, Wegaw has been helping companies and governments from around the world to better understand future opportunities for clean energy generation, to improve stability in the energy market and to reduce reliance on fossil fuels. The startup operates in five countries and has many customers including energy companies, power plants, government bodies and national agencies interested in reducing CO2 emissions to support international efforts to achieve net zero.
In the words of Ion Padilla, founder and CEO of Wegaw: “Our vision is to enable a completely clean energy transition by providing a clear understanding of the future generation of renewable energy from space. We are especially proud to have attracted such a fabulous list of international climate technology investors who support our ambitions and are delighted to be actively collaborating with forward-thinking energy companies from around the world”.
Wegaw is one of the three startups chosen by BStartup for the first edition of BStartup Green, a programme that invests in startups that facilitate the green transition with the help of digitisation, science and technology. 136 applications were submitted for this first edition.
