In an oversubscribed seed round, Swiss climate tech startup Wegaw has just raised €974k. By combining satellite data with cutting edge AI analytics, Wegaw presents actionable insights for renewable energy stakeholders that enable a claimed 10% increase in production.
Investors in the round include Bstartup (Banco Sabadell), Katapult.vc, Great Stuff Ventures, Business Angels Switzerland and Seedrs. The startup selected investors that most closely reflected its own values and commitment to clean climate tech.
Founded in Lausanne in 2016, Wegaw is helping companies and governments around the world better understand future clean energy production opportunities that support energy market stability and reduce dependency on traditional fossil fuels.
Ion Padilla, CEO and Co-Founder stated: “Our vision is to enable a completely clean energy transition by delivering a clear understanding of future renewable energy production from space. We are especially proud to have attracted such an incredible line-up of international climate tech investors who support our ambitions and are thrilled to actively collaborate with forward-thinking energy companies across the globe.”
Leveraging machine learning, AI and geospatial algorithms to process space data and identify various characteristics such as snow, water, soil humidity or waves at different levels of technological maturity, the tech aims to accurately forecast sustainable energy output. . By amalgamating data from remote sensors on satellites (from European Space Agency and NASA constellations) with daily validated ground observations and historic data, for instance, bespoke datasets and insightful evaluations are generated for hydropower utilities, government agencies and energy traders.
The beauty of the solution lies in that the datasets produc4ed can be scaled as required whilst offering near real-time insights, insights that Wegaw claims have a 94% accuracy – unprecedented when compared to legacy meteorological model-based solutions.
Innovation and tech are two of the driving forces in Europe’s move to net zero, and startups are leading the way for the continent to reach its climate goals. As we reach the point of ‘now or never’ when it comes to protecting our planet, the actionable insights produced by Wegaw will prove crucial in reaching ambitious targets.
Wegaw CTO, Daria Lüdtke, commented: “The current energy crisis in Europe highlights what happens if we do not have the right tools to understand future renewable energy production. Our data and economic insights are key to efficiently planning and operating renewable energy assets, as well as balancing the grid with existing assets.”
With Net Zero commitments in place, more countries, investors and businesses are working closely together to speed up affordable cleantech adoption worldwide. Driven by a rejuvenated focus on ESG in private markets, emerging regulations (such as the EU’s Sustainable Finance Disclosure Regulation) and supporting standards, investment in climate tech is accelerations, reaching an estimated 210% year on year growth. Energy and climate dedicated solutions are taking the majority share of this.
Wegaw is now operating across 5 countries, delivering impactful datasets to 15 clients and more than 30 power plants. The startup also works with government bodies and national agencies to reduce CO2 emissions and aid international efforts to attain Net Zero status.
With this round of investment, Wegaw can develop and grow its international team whilst continuing to help companies and governments better understand future opportunities for clean energy production that support energy market stability and reduce dependence on fossil fuels.
