This September, the European Innovation Council (EIC) Scaling Club Ambition Forum and the European Hydrogen Valleys Investment Forum technology-focused discussions were held in Riga..
This September, the European Innovation Council (EIC) Scaling Club Ambition Forum and the European Hydrogen Valleys Investment Forum technology-focused discussions were held in Riga, bringing together many European deep tech leaders, companies, mentors, investors and corporate partners. The major event in Riga was organised by the Investment and Development Agency of Latvia (LIAA) in cooperation with the University of Latvia and the Latvian Hydrogen Association.
The Ambition Forum is the third major EIC Scaling Club event and the only one in Northern Europe. It usually brings together company founders, investors, large technology buyers, mentors and innovation leaders to share experiences and plan the fastest growth of science-based technology companies in Europe. The forum is organised by the EIC Scaling Club in cooperation with the European Commission, implementing a mentoring programme for the creation of unicorns. The club has 120 selected European companies, including Latvian Aerones and Naco Technologies, which have attracted a total of EUR 740 million in 2024–2025, including EUR 62 million for Aerones in 2025. In 2026, there are plans to identify another 50 fast-growing, high-value-added startups.
Latvia at the centre of innovation
The Ambition Forum in Riga was attended by approximately 300 international guests, including 120 selected club companies, 120 mentors from ten thematic groups, investors and representatives of the European Commission. The forum marked an important milestone for Latvia, bringing together leaders of the European deep technology ecosystem and highlighting the bold global ambitions of our companies. LIAA Director Ieva Jägere points out that the deep technology sector is strategically important for Latvia, as it is able to create significantly higher added value than traditional industries, and that robotics, biotechnology and quantum technology companies are developing innovative products and solutions with investment and export potential that exceeds the capabilities of traditional sectors many times over.
Green energy direction
In turn, the goal of the Hydrogen Forum was to strengthen Latvia’s position in the European hydrogen ecosystem, emphasising our renewable energy potential, strategic geographical location and technological capabilities. This is a step toward attracting investment, creating international partnerships and accelerating the development of hydrogen infrastructure. Currently, initiatives related to hydrogen technologies are being implemented in the ports of Riga, Liepāja and Ventspils. A joint project by Latvia and Estonia – the offshore wind farm Elwind – will also play a significant role in this sector, ensuring a stable supply of green energy.
Innovation strengthens Latvia
The internationally significant event in Riga confirmed that deep technology companies are driving the development of innovation ecosystems from academic research to attracting the necessary capital. Globally, such companies attract more than USD 60 billion dollars annually, and their average growth rates reach approximately 20% per year. Attracting private investment in deep technologies is important for strengthening Latvia’s international competitiveness and attracting highly qualified specialists. By developing this sector, Latvia can become a technology creator and a strong player in niches such as innovative materials, green energy, quantum technologies, drone solutions and biotechnology.
