Banco Sabadell's BSTartup Green programme has joined a $1.1 million funding round for climate tech startup Wegaw.
Katapult.vc, Great Stuff Ventures, Business Angels Switzerland and Seedrs also participated in the funding for Spanish-Swiss outfit Wegaw.
Wegaw has developed technology that processes satellite data with AI 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, says the firm, enables an increase in production of up to 10% and an optimisation of the commercial price per MWh of up to five per cent.
The startup operates in five countries with customers including energy companies, power plants, government bodies and national agencies interested in reducing CO2 emissions.
Wegaw is one of the three startups chosen for the first edition of BStartup Green, a Banco Sabadell programme that invests in firms working on environmental issues.