EDP invests 1,8M euros in Chilean startup applying artificial intelligence to renewable energy systems
This landmark investment is the first made by EDP Ventures in a Latin American startup outside of Brazil
EDP, through its corporate venture capital vehicle, EDP Ventures, has announced an investment of 1,8M euros (equivalent to BRL10 million) in Splight, a Chilean startup that is developing artificial intelligence and data science technologies to achieve maximum efficiency in systems used in generating renewable energy. This landmark investment is the first made by EDP Ventures in a Latin American startup outside of Brazil, demonstrating EDP's commitment to expanding operations in this region.
EDP decided to invest in the startup principally because its business model aligns with EDP's own strategy and should lead to opportunities in the operation of renewable energy parks, including: data integration, optimisation of operation and maintenance (O&M) costs, data use for improving the construction process and operational decision making, and greater clarity on network capacity through the expansion of distributed generation.
"The investment in Splight aligns with our strategy of increasing the average investment ticket and investing in startups throughout Latin America, strengthening our global operations. Splight's model has synergy with various EDP businesses in Brazil and other geographies, helping us leverage our operations, and will enable artificial intelligence solutions to be applied to optimising the operation of renewable energy parks," said Carlos Andrade, vice-president of Customers and Innovation at EDP Brasil and Partner of EDP Ventures.
Splight, founded in 2021, has developed a platform for different agents in the electricity sector (generators, distributors, system operators), which is capable of improving the management of networks and assets, such as solar and wind plants. Without the need for additional hardware, the solution collects data from different sources (APIs, SCADAs) and uses AI and machine learning algorithms to optimise operational decisions in real time. The startup, which uses a Software as a Service (SaaS) business model, has received recognition in the market, having won several international awards.
Networks, generating assets and storage systems currently lack optimisation, resulting in a significant proportion of the renewable energy generated being lost. According to Allied Market Research, the potential market for Artificial Intelligence applied to energy is around 18.5 billion euros over the next 3 years, with forecast growth of 17.4% per year over the next decade. Splight aims to lead this trend and consolidate itself as a pioneer in this still little exploited market niche, bringing innovative solutions that combine AI with energy efficiency.
EDP Ventures: performance and prospects for 2024
Alert to the transformation of the electricity sector, EDP aims to play a leading role in the energy transition, strengthening its investment in renewable sources and innovation. Globally, EDP Ventures has already invested more than 70 million euros (equivalent to approximately R$ 340 million) and has 39 active companies in its portfolio.
With a well-consolidated investment portfolio in Brazil and Latin America, Europe, the United States, Asia and the Pacific, the focus of EDP Ventures in 2024 is to generate more value from the startups that it has already backed by utilising a set of benefits, including mapping strategic partnerships for the companies in which it has invested.