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The Chilean company was chosen amongst 3000 applicants in the Spain Latam Scale-Up program, organized by ICEX, BID LAB and Endeavor given the quality and innovation of their services. Participants had the opportunity to make connections that impulse their growth and visibility in Spain.
During the tour in Spain, Suncast participated in the XI edition of the UNEF Solar Forum, where they had the chance to engage with leaders and experts of the entrepreneurial ecosystem.
Santiago, Chile, 29 of October of 2024.- Chilean technology was present in Spain. The company that provides Artificial Intelligence services for renewable energies, Suncast, was selected as a part of the third call of the Spain Latam Scale-Up launched by ICEX-Invest in Spain, BID Lab y Endeavor.
Since the beginning of the program, more than 800 Latin American companies have applied, but only 44 have been selected. In this latest edition, 300 companies applied, from which 14 companies from 10 countries in the region were chosen, including Suncast.
Adrián Blanco, Head of LATAM Desk of ICEX Invest-in-Spain explained that the program plays a fundamental role in facilitating the landing of the participating technology companies in Spain.
“The Spanish market offers a high customer potential, both for B2B and B2C business models, which is also known for its tax improvements, as a result of the Startup Law or the existing capital in the ecosystem, currently through various public initiatives,” he said.
The representative of IDB Europe, Fazia Pusterla, 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 IDB Lab’s mission and as an innovation hub for development, it promotes early-stage solutions with the potential to benefit vulnerable populations and activate new sustainable growth,” he added.
Regarding the 14 participating companies, Fazia Pusterla said that they not only provide avant-garde technological solutions, “but also are committed to social and environmental causes, which is fundamental to facing global challenges and promoting international expansion.”
For Suncast’s CEO and Founder, Constanza Levicán, the IDB Lab program became the perfect platform to open spaces to new markets. The company was present on different dates and in different Spanish cities: the 9th to 16th of October in Madrid, the 17th and 18th in Valencia, the 19th to 22nd in Barcelona and the 22nd to 23rd in Bilbao.
Suncast’s commercial agenda in Spain included important meetings with private investment funds such as The Venture City, Seaya, Axon and Go Hub. It also allowed them to learn more about the Spanish Government’s financing options for the development of startup companies and the R&D laws along with the regional public programs with offices in Madrid, Valencia, Barcelona and Bilbao.
In addition to this immersion program, Suncast took part in the 11th edition of the Solar Forum organized by the Spanish Solar Photovoltaic Association (UNEF), which was held on the 9th and 10th of October in Madrid.
To conclude a successful networking event, Constanza Levicán assured that the company seeks to extend its reach and present its services to the Spanish market, as the European country is a leader in terms of energy growth and installed capacity, both solar and wind.
"In Spain there is a penalty for deviations between forecasts and actual variable renewable energy generation, which represents a great opportunity for the service we deliver at Suncast. We are also looking to test our soiling forecasting service on portfolios of photovoltaic power plants, both in distributed generation and large-scale plants,” she said.
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