Estonian startups: Europe’s interest in Estonian innovation is substantial

The founders of Estonian deep tech startups say that sustainable technology developed in Estonia is of great interest to investors and potential clients. This is also supported by the European Union’s ever-stricter regulations.

At Europe’s biggest deep tech summit Hello Tomorrow, nearly a dozen Estonian deep tech companies presented their products. The goal is to make innovative solutions developed in Estonia visible to potential partners and investors.

Estonian deep tech startup H2Electro’s CEO and founder Henrik Hal says that there’s a lot of interest in Estonian innovation in the world. “Today, we already have our first clients in Korea waiting,” says Henrik Hal. “This includes major hydrogen technology companies that are ready to invest in and contribute to production development so that together, we can achieve large-scale production. Here in Paris, investors have been actively arranging meetings with us. This is rarer in Estonia because investors continue to look towards the financial technology field. In the long term, Estonia should also have funds focused on deep technology.”

H2Electro is a startup developing new types of electrolysis elements and has now reached the pilot production stage at Tartu Science Park. The startup has collected nearly 2 million euros in investments and another 2.2 million in subsidies. Hal added that France is actively working on attracting large-scale productions into the country. “For example, France is giving free land for production purposes and helping companies pay their wages, compensating about 50% of workers’ wages,” he says.

The co-founder of RAIKU Packaging, a producer of natural materials as alternatives to bubble wrap, said that France could become a main market for their startup. “Companies in the luxury product sector are looking for sustainable packaging options and interest in our product is substantial,” says Pärtel. “The world’s largest luxury brands have contacted us. If everything goes according to plan, it’s possible that after Estonia, our next factory will be in France.”

The developer of innovative mycelium-based materials Myceen has seen major growth in the last year. They are also now developing construction materials. The products made by Myceen remove more carbon than is emitted during production. This makes them carbon-negative. “We have major plans,” explains Myceen co-founder Siim Karro. “This summer, we are starting our pilot production and we plan to build the first house insulated with mycelium-based insulating material. People understand the need for green technology today and European Union regulations also support the implementation of sustainable materials.”

Estonian deep tech company Gelatex Technologies’ nanofibres are based on scientific innovation and the startup produces them for different industries, especially in the biotechnology and medical fields. “Hello Tomorrow is an important event for us,” says Gelatex CEO and co-founder Märt-Erik Martens. “Investors from Europe, America and Asia are in attendance, including major corporations, some of which are already our clients. Today, we are preparing for our first licencing deal and welcome anyone sharing their experiences with us. You can grow quickly within the Estonian ecosystem. Still, exploring outside of Estonia is very important.”

With the support of Startup Estonia and the Estonian Embassy in Paris, products and services were presented by medical technology company Antegenes; Nanordica Medicalm, a startup operating in the medical field; deep technology companies Efenco, GaltTec and Gelatex Technologies; the developer of innovative mycelium-based materials Myceen; GScan, who produce 3D security and cargo scanners that use natural radiation; developer of the science-based agriculture platform Paul-Tech; technology company Up Catalyst; and RAIKU Packaging, which is replacing bubble wrap with natural materials.