Based on the Memorandum of Cooperation, the parties undertake to jointly integrate existing knowledge and experience, exchange views, information and lessons learned in order to foster innovation. InnoEnergy plans to provide access to the organization at the disposal of resources, including participation in various international competitions and conferences to promote new and existing energy companies’ access to international businesses.

“The Memorandum of Understanding signed today will strengthen Latvia’s closer ties with the InnoEnergy consortium, thus allowing both the Ministry of Economics and InnoEnergy to build closer contacts, use the competences and knowledge of both parties to promote the development of new and innovative ideas while ensuring the coherence of the activities implemented and non-overlapping. Already in 2017, the InnoEnergy accelerator, which supports the financing of new and innovative business ideas in the field of energy, was launched in Latvia and is considered to be a good complement to the portfolio of innovation support activities offered by the Ministry of Economics to start-ups and innovators in active businesses. We hope that this cooperation will result not only from the perspective of policy making, but will also ensure implementation of new, innovative energy and intelligent solutions projects in Latvia.”

“More active cooperation with the Ministry of Economics is a logical step towards the development of the energy sector and stimulation of the new business environment. The signed memorandum is a positive signal for young innovators to further develop their ideas, gaining new perspectives within the framework of cooperation, network of potential clients, partners and experts at the international level. It also allows Latvian companies to access a range of international initiatives, such as new networks within the European Alliance for Batteries. The InnoEnergy Innovation Ecosystem already includes more than 300 partners, including major industrial enterprises, research institutes and universities in Europe.”