✅ FIRST BALTIC CLEANTECH COALITION MEETING OF 2024 ✅
The Cleantech for Baltics Coalition gathered in Riga on 17 April to review the progress made in 2023 and chart a course for the year ahead.
We were honoured with the presence of Rovena Berga from the Baltic Assembly and Member of the Estonian Parliament, Mr. Meelis Kiili who confirmed their:
👉🏼 Support for developing and financing the clean technology growth in the Baltic States
👉🏼 Encouragement for the creation of a common Baltic strategy for secure, competitive, as well as sustainable energy in the region
👉🏼 Belief that cleantech solutions can also strengthen our sovereignty and resilience
While the Baltic cleantech sector has experienced significant investment growth, reaching €384 million in 2023, concerns persist regarding the availability of growth funding. A roundtable discussion was held to brainstorm ideas for accelerating cleantech sector growth and securing financing.
Some key takeaways from the discussions include:
⚡️ Sufficient clean energy supply is a precondition for a successful cleantech sector
💸 Higher levels of public funding, including different funding mechanisms like tax breaks, are needed to attract private growth funding from outside of the Baltics and EU
💼 Access to qualified workforce is increasingly holding back the cleantech sector development
🌱 Public green procurements should be developed further to increase the size of the local cleantech solution markets
💡 More interest in cleantech is needed from local Series B investors
💪🏼 A strong Baltic cleantech brand should be built to support export and foreign investments.
A heartfelt thank you goes out to our coalition members for their contributions to strengthening the cleantech sector in the Baltics. While we’ve made considerable strides, there’s still much work to be done to position cleantech as a substantial economic opportunity in Estonia, Latvia, and Lithuania.
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Katalista Ventures, Practica Capital, Contrarian Ventures, Open Circle Capital, Honey Badger Capital, Lemonade Stand, Sunly, The Better Fund, BADideas.fund, Commercialization Reactor, Expansion Capital, Imprimatur Capital, Lithuanian Business Angel Network LitBAN, Cleantech Cluster Lithuania, Lithuanian Responsible Business Association (LAVA), ROCKIT Vilnius, Lithuanian Private Equity and Venture Capital Association, PVcase, Estonian Business Angels Network (EstBAN), Estonian Private Equity & Venture Capital Association (EstVCA), Accelerate Estonia, Startup Estonia, Estonian Founders Society, Eesti Taastuvenergia Koda, Skeleton Technologies, Latvian Business Angels Network, H2Latvia, Latvian Private Equity and Venture Capital Association (LVCA), Latvian Startup Association Startin.LV, Latvijas Investīciju un attīstības aģentūra - LIAA, Naco Technologies, Beamline Accelerator