To find ways how European hydrogen valleys can support Latvia’s potential in renewable green energy, for the first time an international investment conference, the first Latvian Hydrogen Forum, Tech Tour, took place in Riga, bringing together start-ups, investors, national and local decision-makers.
The Forum is a unique opportunity for Latvian entrepreneurs to get to know European hydrogen initiatives that have already been approved, and are being implemented, while at the same time it is a unique chance for investors to meet with start-ups.
“This is a powerful way to “put Latvia on the hydrogen map”, showing international investors Latvia’s potential. For several years, Riga has been the only city in the Baltic states with hydrogen filling stations, hydrogen electric trolleybuses running through its streets, and a number of active projects involving both the association and companies. There are several start-ups in Latvia that have successfully attracted investments through similar events, and this conference was also an opportunity for enterprising minds to present their initiatives to investors from different countries,” says Girts Greiskalns, Chairman of the Board of the Latvian Hydrogen Association.
Compared to the Baltic neighbours, which have defined specific areas of their countries as hydrogen valleys, Latvia can be considered as one big hydrogen valley, as the technology development has not chosen to focus on one specific city or area in order to keep an open mind from every entrepreneur,” says Viktors Valainis, Minister of Economy.
“Latvia has great potential to produce hydrogen and its derivatives using renewable energy sources. This is an essential step towards achieving our goal of making Latvia’s economy more productive and export-oriented. Although the hydrogen economy is still in its infancy, we can already foresee that Latvian companies could become major players in hydrogen at European level. The Ministry of Economy is currently developing a National Zero Emission Technology Strategy, which will promote both the production and export of green hydrogen and its chemical compounds, as well as support for port infrastructure and other production related to the hydrogen ecosystem,” emphasises the Minister of Economy.
The energy sector has grown rapidly in recent years, accounting for almost a third of global investment, and this shows the enormous potential of the energy sector. This “investment wave” is a unique opportunity for Latvia to establish itself as a leading player in the global energy landscape. Hydrogen is a good example of how such technologies, which are in a growth phase, can provide Latvia with an opportunity.
For the Latvian Investment and Development Agency, the development of the ELWIND offshore wind project in cooperation with Estonia demonstrates the joint work and commitment of two European Union countries to renewable energy sources, in particular offshore wind.
“ELWIND is a joint project between Latvia and Estonia, the main objective of which is to develop offshore wind farms in the Baltic Sea to increase the region’s security of electricity supply and reduce dependence on fossil fuels. The project will contribute to the transition to green energy, helping to meet the European Union’s climate goals, as well as strengthening local industry and technology development,” explains Laura Strovalde, Deputy Director for Investment and Energy at the Latvian Investment and Development Agency.
Arnis Gulbis, Director of the Riga Digital Agency: “The Riga Digital Agency is actively working on digital innovation and we want to assess how the municipality can provide the digital infrastructure and innovative solutions needed to support the development of a hydrogen economy not only in Riga but across Europe. One solution would be to develop a digital twin that can accurately model and optimise hydrogen-based solutions to create a greener and more sustainable future. TechTour Hydrogen Valleys Investment Forum 2024 is a great opportunity to exchange ideas and jointly drive the projects that will shape our future.”
Aivars Starikovs, Member of the Board of Hydrogen Europe, explains: “Today, the European Hydrogen Association has around 600 members, which just goes to show that hydrogen is not a new industry, but the point is that today we need to change the approach: the first step that LIAA takes is to support the ideas, the initial research. The next step is where to test the ideas, which requires a startup environment, a platform like TechTour that allows startups to meet investors. Next, you need a city to test the idea, or these sandboxes. Trains, locomotives, buses, hydrogen boats, all this is possible with the expertise available in Latvia.
PKN Orlen, one of the supporters of Latvian Hydrogen, stresses that participation in the European Hydrogen Valley Investment Forum is in line with the company’s commitment to energy diversification and sustainable development. “As the largest fuel supplier in the Baltic region, we recognise the importance of remaining competitive while developing the hydrogen economy. Hydrogen will play a key role in Europe’s energy transition and through innovation and strategic investment, Orlen aims to strengthen its leadership while ensuring that Europe remains at the forefront of global energy. This Forum provides an important platform to engage with key stakeholders to drive these goals forward,” said Grzegorz Jozwiak, Director of Hydrogen and Synthetic Fuels at PKN Orlen.
The Latvian Hydrogen Forum and the “Tech Tour” investment conference in Latvia are held in cooperation with the Latvian Hydrogen Association, the Latvian Investment and Development Agency, Riga City Council and the Netherlands Embassy in Latvia.
Video from the 1st day:
Video form the 2nd day: