Hello @mgomez,
Thank you for your reply!
It appears that for some reason on your side the "Generate Code, Build & Deploy" option inside the model is actually trying to launch the External mode. Unfortunately, this example is not aimed to be executed in External mode.
Could you please try building the model by pressing the Build Button from the Embedded Coder?

This button action is similar, the model will try to generate code, build the generated code and deploy the code on the target, which in this case is the HVBMS board. Because the SBC is not configured, you shall power up the board, at the same time as pressing the DBG button.
For the FreeMaster, the board needs to have the USB2Serial converter connected, via the GUI connector on the board, and identify the correct COM port.

Hope this helps,
Marius