Launch of Cleantech for Baltics to become a vanguard in sustainable innovation

December 5, 2022

Press release, 05.12.22 Cleantech for Baltics

Cleantech for Baltics was launched at Baltic Sustainability Awards in Riga on November 30th.

The goal of Cleantech for Baltics is to strengthen the region by streamlining available opportunities and enabling stakeholders to mobilise finance, policies, and demand to accelerate innovation. We intend to build bridges between the cleantech community and the Baltic policymakers to put cleantech innovation at the centre of the public debate.

The Baltics are one of the most exciting regions for cleantech innovation in Europe. Estonia, Latvia, and Lithuania can leverage their vibrant innovation ecosystems and strong demand for energy security and sustainability to develop and scale the technologies necessary for a global net-zero emissions future. We believe that the Cleantech for Baltics coalition can be a platform for more coordination between investors, public decision-makers, innovators, and companies to establish a new Baltic leadership in cleantech,” says Julia Reinaud, Senior Director at Breakthrough Energy.

Baltic countries are already taking ambitious steps in the race to net zero with vibrant innovation ecosystems, regional and national policies in place, and more under development, not to mention the growing number of climate-aware industrial players, venture funds focusing on cleantech, sustainability-oriented citizens, and world-class scientists. As a group of three agile countries with shared sustainability and energy security goals, the Baltic region can build on cross-border synergies and complementarities to become one of the leading regions for developing and deploying the next generation of clean energy technologies.

The Baltics are a great launchpad for cleantech innovation. The strong start-up culture means ideas can be validated quickly before being scaled across Europe. We are thrilled to see Baltic countries coming together to make cleantech a regional strategic priority,” says Jules Besnainou, Executive Director at Cleantech for Europe.

While our countries share a similar culture and history, the ambitions and progress of innovation in the cleantech sector haven’t been too coordinated. Now, with the support of world-class leadership, we are translating the strategic development into a tremendous economic potential,” says Erki Ani, Executive Director at Cleantech for Baltics.

Issuing the Baltic cleantech sector report, looking at investment figures into innovative startups and policy-level opportunities or hindrances in Estonia, Latvia, and Lithuania marks the first step towards the planned activities of the initiative. Moreover, strengthening the core of Cleantech for Baltics, the founding members of the investor's coalition and the main ecosystem organisations held the first meeting on November 29 to align the interests and paths forward in seeking broader scale capital allocation opportunities and insights from the Baltics VC community.

Cleantech for Baltics is supported by Breakthrough Energy and powered by Cleantech Estonia, Greentech Cluster Latvia and Sunrise Valley Science and Tech Park.

The core members of Cleantech for Baltics are Contrarian Ventures, Katalista Ventures, Practica Capital, The Better Fund, Sunly, Honey Badger Capital, Lemonade Stand, Expansion Capital,, Imprimatur Capital and Commercialization Reactor.

About Breakthrough Energy

Breakthrough Energy was founded by Bill Gates in 2015 to accelerate the clean energy transition and help the world reach net-zero emissions by 2050. Through investment vehicles, philanthropic programs, policy advocacy and other activities, Breakthrough Energy is committed to scaling the technologies the world needs to meet its climate goals.

About Cleantech for Europe

Launched in 2021, Cleantech for Europe represents the trailblazers developing, deploying and investing in clean technologies across the EU. Our mission is to make cleantech a strategic priority in the EU by bridging the gap between cleantech and policy leaders. The initiative equips policymakers with insights about cleantech and builds coalitions to chart a new path for the continent.