$4 million R&D Project announced in Hungary
The Hungarian Energy firm, Alteo Energy, has announced it will be starting a HUF 1.1 billion (4 million USD) research and development project aimed at creating a model for the innovative use of battery-based energy storage.
Alteo Energy has been in operation since 1984 and is a pioneer of the co-generation technology in Mauritius. Alteo takes pride in its sustainability measures as half of its total production is generated from renewable sources of energy.
Alteo won a grant of nearly HUF 500 Million (1.8 million USD) for its announced research project from Hungary’s National Research, Development and Innovation Office. This grant was awarded in recognition that the project has the potential to make it substantially easier to forecast and plan the utilization of weather-dependent energy sources.
The company will use the grant to create an intelligent system through developing and extending the regulatory center of its heat and electricity-producing stations and through the integration of the connected windmills and electricity storage facilities.
European Commissioner, Margrethe Cestager, said the project will help Hungary to reduce CO2 emissions and increase the share of green energy in Hungary’s energy mix, whilst preserving competition in the electricity market.
If your company is incorporating innovation and research into its business practices, it may be eligible for an R&D Tax Credit. To find out more, contact a Swanson Reed R&D Tax Advisor today.