First-ever investment in an Estonian startup


We are more than happy to announce that we have made our first-ever investment into an Estonian startup. We have analysed startups from all the Nordic and Baltic countries for a longer time, and finally, the hard work has paid off as we became the first investor in Bioreactor Oü together with our co-investor Hiidenkivi Investment Oy. Bioreactor Oü, based in Tallinn, develops cloud-controlled micro bioreactors for weather-independent, decentralised heat and electricity generation – naturally from renewable energy sources.

“The rapid growth of wind and solar power in our electricity system drives price volatility also in the future. Bioreactor’s fully controllable renewable electricity generation provides a very welcome addition to the increasingly weather-dependent generation portfolio. This kind of adjustable power generation evens out the strain on the power system presented on windless and cloudy days and has great potential as an investment.” says Jussi Teijonsalo, CEO of the




“The 45 kW Bioreactor is a new, innovative technology that uses intelligent biomass gasification to convert carbonaceous feedstock into on-site heat and electricity. It utilises advanced computational fluid dynamics, deep learning and digital twin technologies to drive and optimise the complex thermochemical reaction processes. The Bioreactor is a cost-effective and sustainable embedded energy solution for households and communities to reach energy self-sufficiency. The technology can also be easily scaled up for larger energy production needs, such as powering microgrids. We’re very excited about the opportunity to deliver the first 10 GWh annual energy generation capacity with the help of our first institutional investors, and Hiidenkivi Investment Oy.” says Kim Forsman, co-founder and Managing Director for Bioreactor Oü.

We are always looking for new investment opportunities. If you have a novel early-stage (pre-seed, seed) energy-related innovation, please don’t hesitate to contact us – we are always happy to meet with innovative energy tech entrepreneurs.