KIK Press Release
May 22, 2024
The Environmental Investment Centre (KIK) has signed a contract with joint bidders Beamline, Tartu Science Park, and the Baltic Innovation Agency to organize an accelerator for energy, construction, and climate resilience. This accelerator will offer a development program for startups focusing on green technology solutions and attracting private investments.
"A smaller environmental footprint is becoming a clear competitive advantage in today's business environment. However, developing a new product or service in the fields of energy, construction, and climate resilience usually requires a significant amount of time and money. We are happy to support this process and look forward to innovative ideas that can help our economy grow sustainably," said Jaanus Uiga, Deputy Secretary General for Energy and Mineral Resources at the Ministry of Climate.
Helen Sulg, Head of the Development and Cooperation Bureau at KIK, emphasized that the impact of climate change is becoming evident in Estonia as it is worldwide, and innovative solutions are essential to address these challenges. "Extreme weather events, resource depletion, and economic and social challenges require systemic change and breakthrough solutions. The accelerator, organized with the support of the Recovery and Resilience Facility, focuses on creating new smart green technology solutions to mitigate the impact of climate change and enhance energy and resource efficiency," added Sulg.
The accelerator will focus on three areas:
Energy Sector: Support will be provided for innovative solutions that increase energy efficiency, utilize renewable energy potential, and ensure the security of energy systems. Additionally, the focus will be on community energy and energy storage to create a more sustainable energy economy.
Construction Sector: The program will focus on environmentally sustainable principles from design to renovation. Support will be provided for circular economy construction solutions, digital planning, and e-construction to reduce the environmental impact of construction activities and increase the energy efficiency of buildings.
Climate Resilience: Startups will develop new green solutions to improve the capacity and readiness of national, regional, and local levels to adapt to climate change. It is crucial to find innovative ways to cope with extreme weather events (e.g., hurricanes, floods, forest fires), combat water scarcity, and create climate-resilient infrastructure solutions.
According to Jana Budkovskaja, Head of the Beamline Accelerator, applications for the accelerator will open on May 24 and run until the end of September. "The accelerator helps establish the startup's business model so that the product or service reaches the right target audience and the company's growth is rapid. This is what makes a startup interesting to investors. Together with partners from Tartu Science Park and the Baltic Innovation Agency, we will give startups the momentum to attract private investments. Additionally, Beamline is the local representative of the pan-European institution EIT InnoEnergy in the Baltics, which coordinates the energy sector network and invests in startups," added Budkovskaja.
The organizers of the accelerator will assist startups in the technological development of their products or services and provide training on business-related topics. They will also help map potential funding sources and refine the skills needed to attract investment. The development needs of startups will be approached as personally as possible, with experts playing a significant role by sharing practical advice and supporting the journey.
Estonia and the European Union have taken a significant step to address the climate crisis and other global challenges by allocating three million euros for green accelerators. Up to 2026, five thematic accelerators for green technology companies will take place in Estonia.
The procurement and application process is conducted under Estonia's recovery plan with funds from the European Union's Recovery and Resilience Facility (RRF), aimed at implementing green technology development programs.
More about the Energy | Climate Batch: www.beamline.fund/energy