Smart Energy Fund powered by Lietuvos Energija which is managed by Contrarian Ventures invested in CHOOOSE, the Norwegian start-up mitigating effects of climate change. The world-renowned and multi-award winner start-up has launched a platform through which individuals and organisations can easily compensate their CO2 emissions and thus contribute to reducing air pollution.
Cooperation of CHOOOSE with the United Nations allows the start-up to participate in carbon credit markets and to withdraw these credits from circulation. By buying carbon credits (one credit is equivalent to one ton of CO2 in the atmosphere) from renewable energy projects in developing countries the start-up stimulates the development of these projects and liquidity of the credit market. The withdrawal of credits from the market reduces the overall global carbon dioxide emissions.
The total investment of all investing partners, including Norwegian Wiski, Katapult, and German Vito, amounts to EUR 4 million. The investment of Smart Energy Fund amounts to EUR 300 thousand.
„Both individuals and businesses must act together to reduce the climate change. The solution developed by CHOOOSE allows the segments of both the consumers and business to compensate carbon dioxide emissions in a simple and explicit manner. This start-up not only spreads the message about the effects of climate change but also offers specific solutions as to how each of us can contribute to reducing air pollution and the climate change it causes“, – says Dominykas Tučkus, the member of the Board of Lietuvos energija and the Director of Infrastructure & Development.
CHOOOSE attracted strong interest after it has become the Norwegian start-up of 2017 and after it was ranked as one of the top 10 start-ups in the world by Sir Richard Branson, who is one of the most famous businessmen, billionaire, founder of the business groups Virgin Group, and by the Extreme Tech Challenge (XTC), a leading global start-up competition. The start-up has also brought together a large community of individuals and businesses that develops creative solutions to combat climate change that are attractive to the public.
“Immediate actions on climate change must be taken. We truly believe that simple solutions that are easily accessible to everyone and allowing both individuals and large companies to contribute to climate change mitigation are the most effective. Over the past 18 months, we are monitoring the growing number of people who do not ask why there is the need to contribute to climate change mitigation. They simply take actions”, – says Andreas Sletycoll, one of the founders and CEO of CHOOOSE.
“Investment of Lietuvos Energija Group in various projects should reduce CO2 emissions by 700 thousand tons annually. The group encourages the companies with which the group cooperates to follow good practices. According to Rokas Pečiulaitis, the Managing Partner of Contrarian Ventures, we can overcome environmental challenges that we are facing by means of our own example and by raising awareness of the problem: “We believe in the potential of the solution developed by CHOOOSE because the Paris agreement on climate change cannot be implemented without everyone’s involvement”.
Smart Energy Fund powered by Lithuanian Energy and managed by Contrarian Ventures supports Lithuanian Energy Innovation Hub including programs of Open Infrastructure, Open Partnership and Open Culture. Potential partners can find more information about them at leinnovationhub.com.
Smart Energy Fund powered by Lithuanian Energy and managed by Contrarian Ventures invests in start-ups that are developing new technologies in the energy technology field. The Fund also manages AcceleratorOne Programme which together with Lithuanian Energy invests in start-ups and helps them grow. The programme tests pilot products and services in the local market, providing further opportunity to grow internationally.