Posts Tagged ‘Lithuania’
What Could the New Talent Garden Vilnius Look Like? Unicorns Member Planner 5D Decided to Find Out
Budrys: with 100 days to go until Lithuania’s Presidency of the EU Council, we are ready
RSI Europe to invest up to €50M in strengthening Lithuania’s defence industry
Minister of Economy and Innovation Edvinas Grikšas has signed a large-scale investment project agreement with Lithuanian defence technology company RSI Europe. The company plans to invest up to €50 million in Panevėžys district, where it will expand its capacity to develop and manufacture advanced defence systems.
“The strength of Lithuania’s defence industry lies in local companies that are able to develop advanced technologies and expand their production here in Lithuania. RSI Europe’s project in Panevėžys district is expected to create up to 40 new jobs, around 35% of which will be for highly skilled engineering and technical specialists. These are concrete opportunities for people to take up qualified work beyond the largest cities and contribute to the growth of the country’s defence industry. Projects like this strengthen our economy and security, while also contributing to our goal of attracting at least 30% of new investments to the regions by 2030,” Edvinas Grikšas, Minister of Economy and Innovation.
RSI Europe is a Lithuanian defence technology company founded in 2022 that develops and manufactures products for national defence applications, which are currently supplied to Ukraine and NATO allies.
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Originally published on 17 Sep
Read MoreNIB supports energy resilience in the Baltics
The investments include investments to essential energy infrastructure across the three Baltic countries, including expansion of existing district heating systems, building a renewable heat production facilities, and investments in Battery Energy Storage Systems (BESS).
These investments will strengthen the energy infrastructure, increase system flexibility, and contribute to the diversification of the regional energy mix, strengthening the three Baltic countries’ energy resilience.
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Originally published on 5 May
Read MoreEnergy Market Overview: Lithuania’s Wind Contribution Influences Baltic Electricity Prices
April brought favourable conditions to Estonian consumers and marked the second consecutive month of declining electricity prices. Thanks to sunnier weather and warmer temperatures, the average electricity price in April settled at 5.4 cents per kilowatt-hour, roughly 11.4% lower than in March and more than a quarter lower than in April of the previous year. The last time April was cheaper was in 2021, when the monthly average price stood at 4.4 cents per kilowatt-hour.
The reasons behind the lower prices are clear. Warmer weather reduced heating demand and, as a result, overall electricity consumption. Solar and wind generation increased significantly across the region, bringing a large volume of low-cost electricity to the market. This, in turn, reduced more expensive fossil-based generation. Additional support came from the ongoing Latvian hydropower high season, which helped displace higher-cost fossil-based generation assets.
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Originally published on 5 May
Read MoreairBaltic launches direct flights between Vilnius and Zurich
Lithuanian Airports (LTOU) have announced that on May 3rd, air carrier airBaltic started direct regular flights between Vilnius and Zurich. The airline’s flights to Switzerland’s largest airport will be operated two times a week in May, and three times a week for the rest of the aviation summer season.
“A wider choice of flights to Zurich means more flexibility for passengers and even more convenient connectivity to one of Europe’s most important financial and aviation centres. Such routes strengthen Lithuania’s relations with international partners, provide more opportunities for business, and open air gates to the farthest corners of the world for passengers,” says Roderikas Žiobakas, Vice-Minister of Transport and Communications.
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Originally published on 4 May
Read MoreThe Port of Klaipėda opens the cruise season: over 60 ships expected and a passenger record in sight
The first cruise ship of the season has already arrived the Port of Klaipėda. This year, more than 60 impressive ships will arrive at the port, bringing a record number of tourists to the region.
“On Saturday, we welcomed the first cruise ship of the season – the Bahamas-flagged MS Hamburg. The first ship arrived nearly full, bringing not only several hundred tourists but also a promise of an active and record-breaking season. We expect around 90,000 tourists to reach Lithuania through the Port of Klaipėda this year – a record in the port’s history. And when we look ahead to 2027, we already see over 100 ships and even more travelers. This confirms that our decision to develop a new cruise terminal was timely – it will significantly improve the quality of passenger experience and strengthen Lithuania’s image as an attractive cruise destination,” says Algis Latakas, CEO of Klaipėda State Seaport Authority.
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Originally published on 4 May
Read MoreVinted valued at €8bn after €880mn secondary share sale
Second-hand marketplace Vinted Group has completed an €880 million secondary share sale, valuing the company at €8 billion and underscoring continued investor confidence in the resale sector.
The transaction was led by EQT, Schroders Capital and Teachers’ Venture Growth, the late-stage venture capital arm of the Ontario Teachers’ Pension Plan. EQT, an existing investor, increased its stake in the company, while Teachers’ Venture Growth and Schroders Capital joined as new shareholders. Schroders Capital had previously been an indirect investor in Vinted since 2018.
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Originally published on 28 Apr
Read MoreIcelandair to open technical services centre in Vilnius
Iceland’s flag carrier Icelandair is establishing a technical services centre in Vilnius. Opening in May 2026, the new division will employ 15 specialists in its first year across roles including CAMO engineers, planning engineers, technical records specialists, and maintenance coordinators.
As Icelandair’s first dedicated technical aviation operation in the region, the Lithuanian team will take responsibility for the airline’s third-party technical services. The expansion builds on the carrier’s existing presence in the Baltics through Icelandair Business Services, its long-standing subsidiary in Tallinn, which has provided accounting, ticketing, and back-office services for Icelandair since 2002.
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Originally published on 23 Apr
Read MoreThe Government approves the special plan for the Kaunas–Vilnius section of Rail Baltica
The Government has approved the special plan for the Kaunas–Vilnius section of the Rail Baltica project. The Government’s decision also provides for the commencement of land acquisition procedures for public needs in the Kaunas and Jonava districts.
The extension of the European standard‑gauge railway to Vilnius is planned to follow the completion of the main Rail Baltica line. In 2024, the three Baltic States and the European Commission agreed to prioritize the construction of the main Rail Baltica line connecting Poland with Lithuania, Latvia, and Estonia. It is envisaged that the necessary funding for the Kaunas–Vilnius connection will be secured from the forthcoming EU financial period.
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Originally published on 22 Apr
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