Suncast is chosen by BID Lab to bring its prediction services to Spain
The Chilean scale-up was selected, among 300 applicants, for the Spain Latam Scale-Up program organized by ICEX, BID Lab, and Endeavor.
Chilean technology made its presence felt in Spain. The company that provides Artificial Intelligence services for variable renewable energies, Suncast, was selected as part of the third call of the España Latam Scale-Up program promoted by ICEX-Invest in Spain, BID Lab, and Endeavor.
Since the start of the program, over 800 Latin American companies have applied and only 44 have been selected. In this latest edition, 300 companies were presented, out of which 14 startups from 10 countries in the region were chosen, including Suncast.
Adrian Blanco, Head of LATAM Desk at ICEX Invest-in-Spain, highlighted that the program plays a key role in facilitating the landing in Spain of the participating tech companies.
"The Spanish market has a high potential for customers, both for B2B and B2C business models, further noted for the tax improvement stemming from the Startup Law or the existing capital in the ecosystem, currently through various public initiatives," he said.
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In that same line of thought, Fazia Pusterla, representative of the IDB in Europe, agreed that the Spain Latam Scale-Up program represents a solid collaboration between Latin America and Europe, allowing innovative startups to access the European market through Spain.
"The program is an example of the mission of the BID Lab and, as an innovation hub for development, it promotes early stage solutions with the potential to benefit vulnerable populations and activate new engines of sustainable growth," he added.
Regarding the 14 participating companies, Fazia Pusterla stated that they not only deliver cutting-edge technological solutions, but are also committed to social and environmental causes, which is essential to face global challenges and promote their international expansion.
For the CEO and founder of Suncast, Constanza Levicán, the IDB Lab program became the perfect platform to open up new market spaces. The company was present in different dates and Spanish cities: from October 9 to 16 in Madrid, 17 and 18 in Valencia, 19 to 22 in Barcelona, and 22 to 23 in Bilbao.
Suncast's business agenda in Spain included meetings with important private investment funds like The Venture City, Seaya, Axon, and Go Hub. Additionally, it allowed them to learn about Spanish Government financing options for the development of emerging companies and R&D laws, as well as regional public programs along with the offices in Madrid, Valencia, Barcelona, and Bilbao.
In addition to this immersion program, Suncast also participated in the XI edition of the Solar Forum organized by the Spanish Photovoltaic Union (UNEF), which was held from October 9 to 10 in Madrid.
To conclude what turned out to be a successful networking event, Constanza Levicán confirmed that the company seeks to extend its reach and introduce its services to the Spanish market, given the European country's leadership in terms of energy growth and its installed capacity for both solar and wind power.
"In Spain, there are penalties for deviations between forecasts and the actual generation of variable renewable energies, representing a great opportunity for the service we provide at Suncast. We also aim to test our soiling prediction service on portfolios of photovoltaic power plants, both on distributed generation and large-scale power plants," he said.