Banco Sabadell’s BSTartup Green program has participated in a $1.1 million funding round for the climate tech startup Wegaw. This funding round also saw involvement from Katapult.vc, Great Stuff Ventures, Business Angels Switzerland, and Seedrs.
Wegaw specializes in innovative technology that utilizes satellite data and artificial intelligence to monitor and predict energy generation from renewable sources. By integrating data from seven satellites and employing a combination of Synthetic Aperture Radar (SAR) and optical technology, Wegaw harnesses machine learning to track environmental variables and forecast electricity output.
According to the company, their technology can enhance energy production by as much as 10% and optimize the commercial price of electricity per megawatt-hour (MWh) by up to 5%.
Operating across five countries, Wegaw serves a diverse clientele, including energy companies, power plants, and governmental organizations focused on reducing carbon dioxide emissions. Notably, Wegaw is one of the three startups selected for the inaugural edition of Banco Sabadell’s BStartup Green program, which is dedicated to investing in companies addressing environmental challenges.