Startup Energy Reykjavík

2. January 2014

Startup Energy Reykjavík – Investment in innovation in energy-related industries and services

An announcement was made yesterday at the general meeting of Iceland Geothermal, with regard to the establishment of a new business centre for projects and businesses in energy-related industries and services, Startup Reykjavik Energy (SER),

About Startup Energy Reykjavík

Arion Bank, Landsvirkjun, GEORG and Innovation Centre Iceland have joined forces to support innovative ventures in energy-related industries. The project participants are unified in their belief that great opportunities are to be found in the increased value of energy-related industries and services. Subsequently, they have joined forces in establishing a business centre which will provide selected business ideas in this area with investment opportunities and support.

The organisation and implementation of the business centre project will be in the hands of Klak Innovit and Iceland Geothermal.

The project will be launched in March, 2014 and will be active for a 10 week period. Investment opportunities will be offered to anything up to 7 business ventures during 2014 and the exercise will be repeated in 2015. Participants will also be offered support in developing their ideas, encouraging them to reach their full potential during the 10 week period. On the last day of the 10 week period, an investor assembly will be held to give participants the opportunity to introduce their ideas.

A group of 50 experts from the science and business world will mentor the participants throughout the 10 week period. This group will be sourced from those businesses connected to SER and from elsewhere in the business world. The group will be based at Reykjavík University for the duration of the project.

The organisation of SER is built on the experience of Startup Reykjavík which was active in 2012 and 2013, a project which resulted in Arion Bank investing in 20 Icelandic start-up companies. Experience shows that the organisation of these projects has been successful in supporting and preparing companies as they take their first steps in moulding and implementing their business ideas.

Significant growth in the innovation environment

The innovation environment in Iceland has enjoyed continuous growth in recent months. A number of innovative ventures from various sectors have emerged, grown and flourished.

Iceland is rich in energy resources and there is immense potential for increased value creation within Icelandic society by supporting innovation in the field. The SER project and other projects of its kind offer the chance to discover Icelandic companies where Icelandic know-how can be encouraged in developing new ideas or new technology for the production or utilisation of energy. If successful, these ideas could be utilised in Iceland and elsewhere.

Project briefing and application process

A meeting for Startup Energy Reykjavík will be held on the 16th of January, 2014 at 12:00 at the headquarters of Arion Bank in Borgartún 19. The application process will be launched on the same day via the website:

Who should apply?

Initiatives and projects offering energy-related products should apply. Examples of these include various expert services, machinery, equipment, maintenance services and software. Businesses at all levels of the value chain are relevant to the SER project (production, energy change, distribution, retail).

What are they looking for?

The product or service must be viable for the international market and should have a clear target audience. The project should be scalable in terms of revenue. The project seeks out exclusive focus on solutions for the energy sector and related fields.

How will the decision process work?

The marketability of the product or service is assessed and its relevance to the defined market. The structure of the team behind the concept is also an important consideration; that the group is dynamic enough to make their business concept become a reality.

Höskuldur H. Ólafsson, CEO of Arion Bank made the following statement:

“Icelanders have extensive expertise and enjoy a unique position within the energy industry. It is important to foster an environment where small businesses can create value for the future. We wish to continue on the same path with the active support of the Icelandic entrepreneurs and the business environment. Arion Bank has invested in specialised companies through Startup Reykjavík, but now it is now the turn of companies related to the energy sector, via the Startup Reykjavik Energy."

Hörður Arnarson, CEO of Landsvirkjun made the following statement:

“Landvirkjun is pleased with its participation and cooperation with SER and expects the project to lead the way in advancing interesting possibilities in energy efficiency and energy generation in Iceland. The SER project could lead to increased value creation for society in the years ahead.”

Hjalti Páll Ingólfsson, CEO of GEORG made the following statement:

“The GEORG cluster cooperation has the aim of increasing value creation through research and development. We are therefore pleased to be involved with such a dynamic team and we look forward to the challenge of the task ahead. There are tremendous growth opportunities for ideas in geothermal energy and we have the potential to remain a leader within the field."

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