Substrate AI, the artificial intelligence company listed on BME Growth, has received a 600,000 euro grant from Red.esSubstrate, an entity attached to the Ministry of Economic Affairs and Digital Transformation through the Secretary of State for Digitalization and Artificial Intelligence, for the development and installation of its energy saving systems with artificial intelligence in hotels. Specifically, the project will be carried out in a hotel of the Poseidon chain in Benidorm (Alicante) in which solutions based on Substrate's AI technology will be developed and installed.
The alliance with this hotel chain, which has 6 hotels in the municipalities of Benidorm, La Manga del Mar Menor, Guardamar del Segura, Torrevieja and Vall de Laguar.The energy-saving program dates back to a year ago, when the two companies signed an agreement to carry out a pilot project. During this year, energy saving has become a priority for the whole of society in the wake of the war in Ukraine and rising energy prices around the world.
The project has received a grant awarded by Red.es, the 2021 aid for research and development projects in artificial intelligence and other digital technologies and their integration into value chains.. This grant initiative is part of the National Strategy for Artificial Intelligence (ENIA).) and is one of the measures of the Digital Spain 2026 agenda, as well as of the Recovery, Transformation and Resilience Plan, a fundamental instrument for the development of the Next Generation EU recovery funds.
Results on the rise
The climate action targets set at the COP oblige the hotel industry to reduce its carbon emissions by 66% by 2030 and 90% by 2050. To achieve this, it is vital to use alternatives and new technologies such as AI to rationalize consumption; an alternative that the EU has already begun to study as part of the Intelligent Energy-Europe project aimed at achieving efficient energy consumption. The European hospitality industry employers' association (HOTREC) claims that the sector is responsible for 20% of the EU's pollutant emissions. and are also responsible for 1% of global CO2 emissions, according to the World Tourism Organization (OMTI), making it vital to implement technologies that allow for a more efficient use of energy resources and a reduction in these emissions.
Substrate AI is a Valencian artificial intelligence company with presence in Europe and USA that develops SaaS AI solutions for companies.The company is present with its solutions in sectors such as the energy sector, a sector that has grown by more than 500% in the last 7 years, according to the consulting firm Gartner, and is expected to grow by more than 30% in the next few years. The company is present with its solutions in sectors such as the fintechhuman resources, agritech or health and has a very strong commitment to the energy sector in which it is developing projects with multinational companies such as Canadian Solar, one of the world's largest solar energy firms.
In its first-half results, Substrate AI showed a 128% growth in revenue as they continue to develop their business plan. which targets growth of 100% for each of two years 2022-2023, which will see the company close 2019-2023 with a CARG of 106%, well above average growth, as stated last week by its president, Lorenzo Serratosa, to Valencia Plaza.