EDP invests EUR 2m in Chilean AI startup for renewable systems

Corporate venture capital firm EDP Ventures has invested EUR 1.8 million (USD 1.9m) in Chilean artificial intelligence (AI) startup Splight.

Portuguese utility EDP - Energias de Portugal SA (ELI:EDP) said on Thursday this investment will help the target company to develop AI and data science technologies to accomplish the best possible efficiency in renewable energy generation systems.

"Splight's model has synergy with various EDP businesses in Brazil and other geographies, helping us leverage our operations, and will enable artificial intelligence solutions to be applied to optimising the operation of renewable energy parks," said Carlos Andrade, vice-president of Customers and Innovation at EDP Brasil and Partner of EDP Ventures.

This landmark investment is the first made by EDP Ventures in a Latin American startup outside of Brazil, demonstrating EDP's commitment to expanding operations in this region.

Splight uses a Software as a Service (SaaS) business model to develop platforms for different agents in the electricity sector, to improve the management of networks and assets, such as solar and wind plants.

(EUR 1.0 = USD 1.084)

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