- The project obtained a total EU grant of Euro 6.1 million (Euro 0.4 million as a share reserved for algoWatt)
algoWatt, GreenTech Solutions company listed on Borsa Italiana’s electronic stock exchange (MTA), announces that the kick-off meeting of the research project VPP4Islands (Virtual Power Plant for Interoperable and Smart isLANDS), of which it is a partner, for the integration of renewable systems in islands with complex Virtual Power Plant (VPP) systems, will be held on 22 and 23 October.
The project has been funded by the European Commission under the Horizon 2020 programme, with a total grant of around Euro 6.1 million (algoWatt share of about Euro 0.4 million), divided among the members of a Consortium made up of 2 large companies, 1 DSO (distribution systems operator), 6 SMEs, 3 universities, 2 RTOs (regional transmission organisations), 3 island municipalities and 2 non-profit organisations.
VPP4Islands aims to accelerate the transition to smart and green energy and to help islands exploit the potential for energy efficiency and innovative storage approaches, promote active citizen participation and become self-sufficient in energy, while reducing costs, greenhouse gas emissions and dependence on heavy fuel oil for energy production, creating new smart activities, growth and skilled jobs locally.
To achieve these objectives, the VPP4Islands project proposes disruptive solutions based on the concept of Digital Twin (DT), Virtual Energy System Storage (VESS) and Distributed Ledger Technology (DLT) to revolutionize the concept of Virtual Power Plant (VPP) and build smart energy communities. To validate and evaluate the solutions, significant use cases are planned with the use and coordination of different energy assets in two main islands (Formentera in Spain and Gökçeada in Turkey).
The VPP4Islands qualified solutions will then be replicated in three other islands (Bornholm in Denmark, Bozcaada in Turkey and Grado in Italy), in order to launch sustainable and smart energy plans to promote on a large scale the synergy and flexibility of the combination of renewable energy sources, integrated in a unique portfolio of resources.
algoWatt will enhance its partnership in the project by consolidating its scientific and technological expertise in the field of green solutions for the intelligent integrated management of energy resources.