Lithuania Sets Record in the Global Innovation Index: A Growing Hub for Startups and Innovation
Lithuania has reached a new milestone in the Global Innovation Index, climbing two places to 33rd among 139 countries. This is Lithuania’s highest position ever and a strong signal of the country’s rapid progress in building a competitive and innovation-driven economy.
“Lithuania is making remarkable progress in innovation, which is also reflected in the Global Innovation Index. This achievement is especially significant given the current global economic uncertainty and ongoing geopolitical challenges that directly affect our region’s investment climate. Yet we continue moving in the right direction — towards building a high value-added, startup-driven innovation ecosystem,” said Acting Minister of Economy and Innovation, Lukas Savickas.
Lithuania’s strengths lie in areas that are directly shaping its dynamic startup ecosystem. The country ranks 3rd globally for the share of women with higher education employed in the labor force, 8th for mobile app development, and continues to lead in unicorn value relative to GDP. These results highlight Lithuania’s role as an agile and forward-looking innovation hub.
Read full announcement (external link)
Originally published on 16 Sep
Announcements are published as a service to readers. The sender is responsible for all content. Announcements for publication can be submitted to announcements@thehanseatic.com.
It is the first of its kind in Finland: in the spring, an industrial-scale green hydrogen production plant went into operation in Harjavalta, Southwest Finland. It was built by the Finnish company P2X Solutions Oy, a pioneer in green hydrogen and Power-to-X technology. The company additionally plans to build further production plants in Joensuu and Oulu, aiming for a total hydrogen production capacity of 1 GW by 2031.
The arrival of the electrolysis plant in Harjavalta marked an important milestone for the production of green hydrogen.
The electrolysis system for hydrogen production in Harjavalta originates from Germany. More precisely from Dresden from Sunfire SE, a specialist in electrolysers.
Read full announcement (external link)
Originally published on 26 Nov
In Q3 2025, the Estonian startup sector set its vector on productivity and a continuing search for efficiency. The sector’s turnover increased by 15% to €1.173 billion, representing about 33% of the year-to-date total of €3.530 billion. This surge far outpaced the broader private sector, with the startup turnover growing more than seven times faster than the modest 2% rise seen across all enterprises combined.
Employment remained steady, rising just 1% to 15,023. Meanwhile, state and labor taxes surged by 18% and 13% respectively to €120.7 million and €110.2 million, which brought year-to-date figures to €335.5 million and €310 million, with Q3 making up roughly 36% of both totals—a clear reflection of enhanced profitability and growing wages.
Investments presented a mixed outlook, with volume declining 27% to €47.4 million against a year-to-date total of €222.2 million. However, deal count rose 27%, local participation reached 60%, and notable international exits in fintech and cybersecurity once again affirmed the sector’s global appeal.
Read full announcement (external link)
Originally published on 25 Nov
The teams of the IDA Hub Film and Multimedia Accelerator made their debut on the PÖFF Industry stage last week — and did so impressively. Presenting for the first time in front of such a large international audience, the teams demonstrated how quickly one can grow when supported by a strong mentor network, a supportive community, and the courage to voice bold ideas.
StudioStack (Vladislav Smigelski) introduced a platform that helps filmmakers and freelancers break free from spreadsheets and paperwork. Their message from the stage was simple and honest: creative people should focus on creating, not on administrative burden.
SyncHub (Alice Pia Kattago and Heidi Reial) showed how music licensing can be made as seamless as booking an Airbnb. They also highlighted a crucial trend: the more music AI produces, the greater the need for something truly unique and deeply human.
Read full announcement (external link)
Originally published on 25 Nov
The German company Hy2gen has secured a strategic site in Vihreäsaari, at the Port of Oulu in northern Finland, for the development of a new facility to produce renewable hydrogen and synthetic fuels. They are used for decarbonising hard-to-abate sectors, such as the maritime and aviation industries.
The proposed 200 MW plant will position Oulu as the largest hub for synthetic fuel production in the Baltic Sea Region, based on the number of Power-to-X (PtX/P2X) projects currently in development.
“Hy2gen is very pleased to have secured a site for our project at the Port of Oulu”, says Hege Økland, Managing Director of Hy2gen Nordic. “We would like to thank the City of Oulu and the Port of Oulu for choosing us as their partner in developing this area. We look forward to future collaboration in bringing our project to life.”
Read full announcement (external link)
Originally published on 26 Nov
In 2024, CMP entered into a partnership with Green2x focused on the design, establishment, and operation of what is expected to become one of the world’s largest biofuel plants in Norra Hamnen, Malmö. The establishment will significantly contribute to the transition to fossil-free energy while creating job opportunities. The ambition of the collaboration is to ensure a sustainable energy supply, foster local growth, and support decarbonization.
Through Green2x’s technology, energy is extracted from straw left after harvest, enabling biogas production on an entirely new scale. Straw contains a high energy content, and the technology allows for extraction with over 95 percent efficiency.
Green2x has now secured investments of more than DKK 100 million from, among others, Norway’s Equinor and the Danish state-owned investment fund Eifo. These investments make it possible to begin construction of a pilot plant for biogas production on the island of Møn in Denmark. The pilot plant will further develop Green2x’s technology and serve as the basis for designing the planned facilities in Malmö and Vordingborg. This plant is therefore the first step toward large-scale production of unsubsidized biogas in the port in Malmö.
Read full announcement (external link)
Originally published on 25 Nov
On November 20, the fourth batch of Venture Catalysts, one of Latvia’s leading training program for science-driven innovation, officially concluded with 30 graduates, marking another important milestone in the country’s efforts to accelerate research commercialization and support early-stage deep tech ventures.
Over the past five weeks, researchers, doctoral students, innovators and aspiring founders engaged in an intensive curriculum designed to understand the basics of research commercialisation. Through interactive sessions, practical tasks, and expert mentoring, participants strengthened their skills in commercialization, team building, intellectual property, investment readiness and innovation strategy.
Developed and delivered by UniLab in collaboration with RTU Riga Business School, RISEBA, and the Investment and Development Agency of Latvia (LIAA), Venture Catalysts Batch 4 provided a comprehensive pathway for innovators working at the intersection of research, technology, and entrepreneurship.
Read full announcement (external link)
Originally published on 25 Nov
The Estonian Private Equity and Venture Capital Association (EstVCA) members have elected a new 11-member board to steer the association for the next two years, until October 2027. Hendrik Reimand, Founding Partner at the venture capital fund 2C Ventures, has been elected as the new Chairman of the Board.
Madis Lehtmets, Managing Director of EstVCA, noted that the organization was fortunate to have such a strong and diverse pool of candidates in this year’s board elections, reflecting the willingness of both established and next-generation industry players to contribute and push the industry ahead as the Estonian private capital ecosystem is entering a pivotal period. He added: “With this new board, we have the experience, drive, and diverse perspectives to take bold steps, both locally and internationally, to strengthen our industry’s impact and reach. I look forward to working with them to support our members and build new partnerships across borders.”
The newly elected 11-member board reflects a broad blend of VC and PE professionals, key LPs, and legal-sector leaders: Dag Ainsoo (Startup Wise Guys), Ene Õunmaa (Swedbank Investment Funds), Hendrik Reimand (2C Ventures), Kärt Siilats (Superangel), Kristel Raidla-Talur (COBALT Legal), Maarja Pärs (Livonia Partners), Mari Kuhi (SmartCap), Margus Uudam (Karma Ventures), Mart Maasik (Nordic Science Investments), Rando Rannus (Siena Secondary Fund), and Sigrid Lii Treialt (LHV Asset Management).
Read full announcement (external link)
Originally published on 21 Nov
According to a statement posted on LinkedIn by the company’s co-founder Emīls Vāvere, the artificial intelligence startup Convershake has secured an investment of €150,000 from the Outlast Fund.
In the long-term, it is Convershake’s ambition to lead the way in the development of fully autonomous AI agents in the field of customer service. The company’s vision entails a gradual transition from human-supported AI solutions to an environment where AI agents, guided by Convershake’s software, manage all customer calls independently.
Outlast Fund partner Marija Ručevska notes that Convershake is changing the way in which customer service teams operate. Through its platform, which connects every information source and provides the correct answer instantly and in any language, Convershake helps call centres and their employees to save hours of time every week. According to Ručevska, there is a growing belief within the industry that AI assistants hold the key to the future of customer experience, a transformation lead by the team at Convershake.
Read full announcement (external link)
Originally published on 20 Nov
As Latvia moves toward the European Union’s climate-neutrality goals, it is seeking new ways to reduce the construction sector’s carbon footprint and strengthen the use of local resources. One of the most significant yet underused opportunities is agro-construction – a sustainable building approach based on agricultural materials. It not only helps mitigate climate change but also creates new economic and social development opportunities for Latvia’s regions.
This topic has been brought to the forefront by the “Agro Building Carbon (ABC)” project, implemented by the Vidzeme Planning Region in cooperation with the Vidzeme University of Applied Sciences’ New Building School (JBS). The project aims to explore and strengthen the use of agricultural-based building materials, their carbon-sequestration potential, and their role in Latvia’s construction policy.
Conversations that set the direction
On September 25 of this year, project partners and industry experts gathered in Riga, at Paraugtipogrāfija, for the first joint discussion to share experiences and build collaboration networks. The conversations highlighted that hemp, straw, and other crops can significantly contribute to both construction and agriculture, while also helping to meet carbon reduction targets. It was emphasized that Latvia has a long history of cultivating these crops, yet the sector lacks sufficient processing capacity and clear regulations.
Read full announcement (external link)
Originally published on 19 Nov
Capidea is pleased to announce the acquisition of the majority stake in HASLE Refractories A/S, a Danish manufacturer of advanced refractory solutions for high-temperature industries including cement, steel, and waste-to-energy. Capidea has followed the company for a number of years and is now ready to embark on the next chapter together with Karen and Michael Bladt and the organization.
Building on HASLE’s strong foundation and recent recognition as a Børsen Gazelle 2025 company, an award recognizing Denmark’s fastest-growing businesses, the partnership will focus on developing the product portfolio and strengthening the organization to support continued international growth.
Carsten Riisberg Lund will continue as Chair of the Board, while Martin Jørgensen and former Capidea Partner Jens Thøger Hansen join Karen Bladt on the Board of Directors.
Read full announcement (external link)
Originally published on 19 Nov