(Alliance News) - algoWatt Spa announced Monday that it has been awarded EUR275,000 in funding for activities as a digital energy solution provider and system integrator under the Thumbs Up project "Thermal energy storage solUtions to optimally Manage BuildingS and Unlock their grid balancing and flexibility Potential."

The project is funded with funds from the Horizon Europe program to achieve high-performance results that contribute significantly to the development of a sustainable economy in the EU.

Thumbs Up aims to develop innovative technologies and utilization of day-to-day thermal energy storage systems with technology and weekly, to be easily integrated into buildings to increase their energy efficiency and to leverage the Power-to-Heat paradigm to make buildings primary players in the flexibility of the global energy grid. Thumbs Up aims, in this sense, to overcome the limitations of the state of the art of building-integrated technologies, increasing energy density and reducing the intesity factors of capital to be invested in this sector.

To capitalize on know-how already available within the consortium structure, Thumbs Up will promote complementary digital innovations aimed at simulating, optimizing and maximizing the technical, operational and economic benefits of the proposed solutions.

The Thumbs Up project, with a total duration of 48 months and investments of about EUR7.6 million-with funding of about EUR6.4 million-is coordinated by Veolia Servicios Lecam Sociedad Anonima Unipersonal and involves 18 companies, universities and research centers, including the University of Genoa, the University of Messina and the Polytechnic University of Turin.

The stock of algoWatt is up 4.4 percent at EUR0.67 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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