This is the first joint project with Assista, the company that has owned 10% for a few months. Hotels are responsible for 20% of the EU's pollutant emissions and 1% of global CO2 emissions.
Substrate AI, the company expert in Artificial Intelligence for business profitability that will debut on the stock exchange in the coming weeks, has reached an agreement with the Poseidon group to 10% reduction in the energy expenditure of its hotels by applying its AI and Machine Learning technology. This is a pilot project for energy management and efficiency that seeks to reduce the environmental impact of this sector.
In this way, Substrate will use its technology so that the establishments of the Poseidon chain - based in the town of Benidorm and establishments spread throughout the Mediterranean coast - can save in the activities that currently require the most energy: production of domestic hot water (24%), cooling (19%) and heating (18.6%). All this in a crucial context, where the galloping rise in electricity prices is having a major impact on the hotel sector's results.
This will be the first project that Substrate will be carrying out with Assista SL, the Valencian Facility Service company in which it holds 10% of the shareholding. and with more than 25 years of experience in sectors such as energy efficiency, facility maintenance and home and business assistance.
In this case, Assista will participate through its home automation and energy and renewable energy installations subsidiary. In this way, Substrate fulfills the agreement it reached with the company when it became a shareholder to develop joint projects, including those related to energy efficiency.
The alliance sealed with Poseidon also strengthens Substrate's project portfolio just weeks before the launch of its IPO, scheduled for the end of 2021, and advances its goal of serving more than 3,000 companies with its artificial intelligence solutions by 2024 and reaching a turnover of more than 24 million that year.
AI, a key tool in terms of sustainability
According to HOTREC, the employers' organization for the hospitality industry in Europe, hotels are the most important responsible for 20% of the EU's pollutant emissions and the causes in addition to the 1% of global CO2 emissionsaccording to the World Tourism Organization (OMTI).
Therefore, in order to meet the climate action targets set at the COP and to get this industry to reduce its carbon emissions by 66% by 2030 and 90% by 2050, it is the use of alternatives and new technologies such as AI to rationalize consumption is vital.This is an alternative that the EU has already begun to study within the framework of the Intelligent Energy-Europe project aimed at achieving efficient energy consumption.
According to Lorenzo Serratosa, president of Substrate, "this project with Poseidon Hotels will achieve savings of more than 10% in the energy expenditure of its establishments. And this is just the beginning, because if we are able to control the cost, we will also be able to control the energy source, being able to find the cheapest on the market at all times".
ENERGY NEWS - Artificial Intelligence to reduce energy costs in hotels