|A forward-thinking mindset, a strong work ethic, and a highly entrepreneurial economy.|
|The availability of capital – both venture capital as well as strong EU and national funding programs.|
|A sustainable country with air quality, which is among the best in the world, and half of its territory is covered with forest.|
|An innovation hotbed and a booming startup scene in solar, hydrogen, and GridTech.|
|Different public and private sector companies and institutions invest in green energy projects.|
Estonia has set a clear goal for energy transition, driven by the need to replace fossil power generation. Decisive measures have been taken to make Estonia a top GreenTech development center and the largest producer of green energy per capita in the coming years. Estonia has rapidly picked up the pace in tackling climate change by implementing green transition strategies.
Foreign investors have used Estonia as a testbed, development, and production center for green technologies for decades and helped to develop strong technological know-how in this field. For example, ABB is engineering and producing wind turbine modules, Enics assembles wind turbine controllers and Ensto has long been producing EV charging stations in Estonia.
In recent years startups have successfully developed and new investments have been attracted. Skeleton Technologies has derived its unique ultracapacitor technology from the research of the University of Tartu and a Swedish battery producer Nilar is investing in production capacities in Estonia.
Battery technology is also an essential element for the emerging mobility cluster. Companies like Starship Technologies, Comodule, or Auve Tech are helping with their solutions to reduce the ecological footprint of urban mobility and use Estonia as an easily accessible and non-bureaucratic test market for new mobility solutions, such as last-mile delivery robots or hyperconnected, super-durable, and 90% recyclable bicycles and scooters.
Leading GreenTech consortia in Estonia are Cleantech ForEst, the local ecosystem aiming at empowering research and innovation towards impactful and systematic sustainability, and the Tehnopol Greentech Cluster, whose mission is to support state-of-art green technology entrepreneurship in Estonia. Renewable energy companies Sunly and Cleantech ForEst have signed a collaboration agreement that also marks the beginning of the establishment of a new centre for CleanTech. Named Port of Power (PoP), the hub draws together companies from the relevant areas offering investments and access to regional and international networks.
It is inevitable that hydrogen will shape our future energy sector. Estonia has active hydrogen community with two privately established consortia: Estonian Hydrogen Association and Estonian Hydrogen Cluster. Universities are researching next generation energy technologies and the University of Tartu and TalTech are the European Centres of Excellence in “Advanced materials and high-technology devices for energy recuperation systems”.
Estonia is a cashless society with over 99% of financial transactions occurring digitally. Electronic ID and Blockchain are widely used in FinTech applications. 80+ FinTechs ranging from innovative startups such as Wise to Blockchain leader Guardtime make Estonia a global centre of excellence for FinTech.
Estonia is the world’s most digitally enabled nation, offering a unique combination of talent, environment, and innovation. Our IT R&D ecosystem enjoys global proof of concept, being trusted by global organisations such as Kuehne+Nagel and NATO and producing unicorn startups like Wise and Bolt.
Estonia has a sizeable food industry which benefits from ecological raw materials, skilled workers and modern production facilities. With an established export capability and growing application of food science and technology, Estonia is the ideal location for export and R&D oriented investment.
Estonia is not only a pioneering digital society, which has found convincing answers to the challenges of digitalization, but it also is a very green country. There is a strong societal and political will to utilize the capabilities and ecosystems. These have been developed to tackle the challenges of decarbonization of the economy and to become once again a leading player – in CleanTech and GreenTech.
Defence systems have always been a focal point for Estonia. The country has built a small but very capable defence army consisting of a professional army, conscription service, and national defence league, complimented by NATO allied forces. Over the years technology entrepreneurs and engineers have teamed up with the army to develop world-class solutions for the global defence industry. When we mean defence, we mean business.
Metaverse is the parallel universe or a unified universal virtual world, facilitated by the use of virtual and augmented reality headsets. In addition to the fact that existing products and services can be transferred to the Metaverse, it achieves a completely new economic environment and opportunities to create and market products and services that are unique to the Metaverse. Simply said, Metaverse has no limits in Estonia.
Estonia developed X-Road, its proprietary decentralised, distributed system in 2001 and has utilised Blockchain since 2008. World-class technical skills supported by practical experience implementing public and permissioned Blockchain’s place Estonia at the forefront of the emerging Blockchain economy.
Patient records in Estonia are digitised and secured by the Blockchain, providing a single immutable data source for healthcare professionals. With a unique digital platform and collaborative ecosystem, Estonia is positioned to lead on preventative medicine, patient self-treatment and industry efficiency.
Estonia has a diversified energy sector which comprises long-standing expertise in oil shale, a sizeable renewables sector and growing CleanTech capability. World-class expertise within a highly digital, pro-business environment will see Estonia play a leading role in the energy revolution
Estonia has one of Europe’s largest bioeconomies, including world leading expertise in forest-based activity. Supported by high-quality natural resources, ultra-high use of IT and supportive policy making, Estonia offers a range of production and innovation opportunities.
Estonia’s marine sector specialises in the design and build of small and medium-sized commercial and leisure vessels. Centuries long expertise, cutting-edge application of IT and a flexible approach make Estonia a competitive location for innovation and export-oriented production.
What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors? Who to partner up with?
The Estonian Investment Agency’s team is happy to help you via its complimentary e-Consulting service, organize online or offline follow-up events such as virtual investment visits and guide you through the fairly simple process of investing in Estonia.