We have developed a strategy-driven open innovation development model that enables us to thoroughly review and assess a large number of energy smart ideas. We collect and register new ideas and developments flowing from four key areas: Open Funding, Open Culture, Open Infrastructure and Open Partnerships.
Successful and promising ideas pass through all development stages – ideation, conceptualisation, piloting and scaling-up the innovation to commercialisation or internal applications. The model helps us direct efforts and investments toward qualified ideas while following the established criteria for each stage as well as accelerate the development of our energy smart innovations.
Ignitis Group is actively investing in venture capital, using its resources and expertise to partner with fund managers and start-ups to bring the latest technologies and services to its customers.
Ignitis Group’s venture capital investments are not just financial investments, but also strategic steps to help us lead in innovation and sustainability.
To date, the Group has invested in two funds, IISUTIB Smart Energy Fund powered by Ignitis Group and World Fund.
Launched in 2017, the EUR 12.5 million Smart Energy Fund powered by Ignitis Group and managed by Contrarian Ventures invests in early-stage energy and e-mobility start-ups across Europe and Israel.
To date, it has backed 21 start-ups, including 6 from Lithuania, and generated EUR 15.7 million return in July 2023. The fund also enabled pilot projects and service adoption from seven portfolio companies.
Following the success of its first fund, Ignitis Group committed €25 million to the World Fund in 2023 – a leading European climate tech VC focused on scalable solutions with high emissions reduction potential.
The fund targets sectors like energy, food & agriculture, manufacturing, buildings, and mobility, and is backed by partners such as EIF, the UK Environment Agency Pension Fund, and PwC Germany.
Ignitis Group’s Open Infrastructure / SANDBOX initiative provides free access to its unique resources in Lithuania – DSO grid, EV charging infrastructure, data and more for start-ups looking to test and demonstrate their #EnergySmart solutions. This enables quick and effective proof-of-concept environment based on real-life conditions.
Ignitis Group’s specialists are also ready to evaluate the needs for your solution-testing-environment and help determine optimal testing location and conditions.
Successful innovation testing cases can pursue further collaboration with Ignitis Group through Open Funding and other initiatives.
The sandbox project is open to any company, technology startup, university or science centre which is involved in the design and development of innovative solutions for the energy sector.
Our Open Culture initiative actively promotes a culture of innovation both within our organization and in the wider community. Our goal is to foster an open, curious, and forward-thinking energy ecosystem.
Through a variety of activities, we introduce the Group’s employees to the latest energy technologies, trends, and solutions. We also take part in external events, conferences, and panel discussions, sharing our insights as speakers and experts.
In addition, we’re committed to raising public awareness of the energy sector. We organize open events, encourage dialogue between businesses, in academia, and the society, and work to build an inclusive and collaborative EnergyTech community.
Power-to-x (P2X) is the term used to describe energy conversion technologies that can convert renewable electricity into carbon-free fuel. Hydrogen, ammonia, synthetic methane or methanol can be used for energy storage and are essential for decarbonising the industrial and transport sectors. The development of P2X technologies is an important part of the European Union’s green economy and a key tool to achieve Lithuania’s decarbonisation and energy independence goals.
We are developing renewables to meet the national decarbonization and energy independence goals. Due to weather uncertainties, the generation of electricity from RES is volatile and the amount of surplus energy on the market may reduce the attractiveness of RES development. By enabling the Flexible Demand Management (FDM) mechanism, P2X technologies contribute to further development of renewables, address the grid management issues, stabilize the electricity generation volatility. They are essential for the development of green energy.
Ignitis Group is fast-tracking battery energy storage systems (BESS) in the Baltics and Poland, with the first systems set to operate by 2027. These large-scale batteries support renewable integration by balancing supply and demand, improving grid reliability, and reducing energy waste.
BESS are more than storage — they’re smart grid assets packed with sensors which collect vast amount of real-time data. This enables advanced analytics, predictive maintenance, and system optimization. As the technology evolves, BESS will play a vital role in creating a more flexible, efficient, and data-driven energy system across our core markets.
