The Lundin Foundation is proud to feature one of Katapult’s new portfolio companies, Wegaw and its founders Ion Padilla and Daria Ludtke. They are one of the 8 tech entrepreneurs working to advance zero and low carbon solutions at scale through the launch of The Climate Accelerator Program and are specifically addressing the challenge of how to forecast renewable energy production.
Katapult is a global investment and accelerator vehicle based in Oslo, Norway that aims to fast-track solutions to global problems. Over the last 4 years, they have evaluated more than 12.500 startups and invested in and accelerated 90 startups from 32 different countries through the verticals Katapult Accelerator (general impact tech) and Katapult Ocean (ocean tech).
As a key part of Lundin Energy’s decarbonization strategy and commitment to carbon neutrality by 2025, with the support of the Lundin Foundation, in 2021 Katapult launched a new vertical called Katapult Climate which aims to become the leading force for start-ups and investors addressing climate challenges.
Energy distribution and security is at risk globally, a fact influenced by the instability of renewable energy production. Forecasting future renewable energy production is extremely difficult compared to classic fossil fuel-based solutions. This leads to high prices, volatility within the market and creates a significant barrier to a clean energy transition.
Wegaw combines remote sensing satellite data with world-class machine learning to optimize the production and trading of renewable energy. Through monitoring and forecasting environmental variables responsible for renewable energy production like snow, water or wind, Wegaw helps energy utilities, traders and operators better predict future energy production. This optimizes prices, increases production and ultimately, ensures energy security for the renewable sector.
Wegaw’s technology is key to correctly plan and operate new renewable energy assets, as well as balancing the grid with the current assets, to ensure 100% clean and secure energy globally.
In a nutshell, if all hydropower plants in Europe adopted Wegaw data analytics, it would help to generate an additional 26.45 TWh of hydropower energy. Estimating that 20% of the additional energy produced would reduce the need of fossil fuel based energy in Europe, this would contribute to a reduction of 1060M-1800M tons of CO2 emissions per year. #SDG7 #SDG13
AND THE WHY?
Ion Padilla, says, “The current energy crisis in Europe is a great example of what happens if we do not have the right tools to understand future renewable energy production… Wegaw’s technology is key to correctly plan and operate new renewable energy assets, as well as balancing the grid with the current assets, to ensure 100% clean and secure energy globally.”
Learn more at Katapults upcoming Investor Day on December 14, 2021 from 4:00 pm to 6:00 pm CET.