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Startup Energy Reykjavik founded as startup incubator

Signing Ceremony for Startup Energy Reykjavik, Dec. 17, 2013 (source: GEORG)
Alexander Richter 18 Dec 2013

A new program founded in Iceland, is to serve as incubator and accelerator for the energy industry in Iceland. Startup Energy Reykjavik will provide a seed program for startups in the energy sector, including geothermal across the whole value chain.

Yesterday at the Annual Meeting of the Icelandic Geothermal Sector, a new initiative was announced, called Startup Energy Reykjavik.

It will serve as a startup center for projects and businesses in energy related industries and services. As a business accelerator it hopes to extend to projects in the field of maintenance, professional services, machinery, equipment and software.

It will be open to businesses and groups at all levels of the value chain. The set up is built up on a similar project called Startup Reykjavik, which started in 2012. This program serves as a mentorship-driven seed state investment program.

Startup Energy Reykjavik is expected to work in a similar way. It is an interesting approach, and while I have been somewhat critical, I will definitely follow up quite interested in how this project progresses. Particularly how geothermal will find itself into the program.

The 10 week program will invest into seven startup companies in 2014 and then in 2015. The startups will receive some initial funding and then mentorship and help in working on their business model and plans within a 10 week period. At the end of the program, companies will be presenting their plans to potential investors at an investment meeting. There will be 50 professionals from all parts of the research, business and industry life mentoring in the program. Managed by Klak Innovit and Iceland Geothermal, the program will be hosted at the University of Reykjavik.

An introductory meeting will be held January 16, 2014 and application will open that day.

Startup Energy Reykjavik is a cooperation between Geothermal Research Group (GEORG), Icelandic bank Arion Banki, the National Power Company of Iceland (Landsvirkjun), the Innovation Center Iceland (Nysköpunarmiðstöð Íslands), as well as the innovation/ startup centers of Klak and Innovit in Iceland, as well as the Iceland Geothermal Cluster.

Website (in Icelandic)

More details on the website of GEORG (in Icelandic)