Find solutions that speed up energy transition

Iceland has a clear advantage with the availability of renewable energy and a unique opportunity to take the lead internationally in environmental matters

The goal of Hringiða is to highlight, promote and support innovation projects between companies and institutions. 

At the end of the accelerator, participants will be able to apply for European funding, including the LIFE programme based on the ideology of the circular economy. LIFE is one of the EU's co-operation programmes that has funded climate and environmental projects since 1992.

The business accelerator builds on an international model and offers an ambitious platform and good preparation for applications for European grants. The focus of the accelerator involves organized meetings of participants with experienced entrepreneurs, investors and other experts. This is a verified process where up to ten start-up projects are granted access to a broad network of trainers from the business community and targeted training.

Management of the accelerator is in the hands KLAK who has for many years provided assistance in the development of business ideas and brought together a group of stakeholders with value creation as a guiding principle. The sponsors are the City of Reykjavík, the Ministry of Environment, Energy and Climate, Reykjavik Energy, Faxaflóahafnir, Terra, Ölgerðin and the Federation of Icelandic Industries. The partners of Hringiða are Rannís, Breið development company, Evris, Sjávarklasinn and Grænvangur.


Seven teams participate in Circle 2023. 

Alor is working on the development and production of environmentally friendly aluminium batteries and energy storage of different sizes, i.e. from small batteries and accumulators to large energy storage in container sizes.

Circular services and the production of organic fertilisers from bio-waste in rural municipalities.

Untitled (297 × 210mm)

Mar Eco stands for Marine Ecolocial Solutions and the goal is to work on environmentally friendly solutions in the production and use of fishing gear. Recycled plastic scrap from the sea, the blue economy and environmentally friendly fishing. 


Orb develops technologies to measure the carbon sequestration of forests in a cheap and accessible way to promote responsible carbon offsetting and the production of certified carbon units.

Resea Energy

Resea Energy is a research and development company aiming to produce biofuels from seaweed from cultivated seaweed.

Bambahús is a greenhouse that contributes to the strengthening of the circular economy, reusing liquid packaging that would otherwise be exported and landfilled. The houses are light, sturdy, premature, and specially designed with Icelandic climate in mind.

Munasafn RVK Tool Library provides communities with fair and financial access to tools and other items.


Hringiða will start on 14 March 2023 and last for eight weeks. The program takes place on Tuesdays and Wednesdays.

Week 1

March 14-15 - European Scholarships and Teamwork


In the first week of the accelerator, participants get to know each other and form connections with each other. Lectures on European grants and Iceland's participation in the LIFE programme. Workshop in effective teamwork. 

Week 2

March 21-22- Needs Analysis and Investors


Workshop in needs analysis with Magnús Ingi Óskarsson. Preparing for a conversation with investors. Visit Grundartangi. 

Marketing workshop.

The first mentoring sessions take place. 

Week 3

March 28-29

Call Noon – Event

Week 4

April 3-7

Week off

Week 5

April 11-13

Needs Analysis workshop. The teams present their projects to shark tanks and receive feedback. A performance course with María Ellingsen to prepare participants for an event. Mentoring meetings. 

Week 6

18 - 19 April Action Plan and Entry into Foreign Markets


18-month action plan. Intellectual Property Law Workshop. A workshop in the pursuit of foreign markets. 

Week 7

April 25-26 - Inspiralia


Inspiralia come to the country and hold a workshop and meet the teams at advisory meetings.

Week 8

May 2-4 - Action Plan and Investor Presentations


Rannís workshop in European grants and conduct training for Investor Day Call. 


Vortex's mentoring arrangement is based on the philosophy of MIT Venture Management Service, which have developed arrangements for over two decades. Participants sit at a time and with two to five different mentors at once.

Mentors Circle 2022 were as follows:


Christian Christianity


Helga Waage

Innovation Fund

Huld Magnúsdóttir


Bjarni Herrera

Member of Parliament

Gísli Ólafsson

Auður Technology Square

Ásta Sóllilja Guðmundsdóttir

Auður Technology Square

Einar Mäntylä

Founder of Calidris

Magnus Ingi Óskarsson

Bifröst University

Hannah Kristín


Sveinn Aðalsteinsson

The Icelandic ad agency

Christian Schram

University of Iceland

Ólöf Vigdís Ragnarsdóttir

Gest Pétursson

Well Ventures

Margaret Ormslev

Founder of Startup Iceland

Bala Kamallakharan

Intellectual Property Office

Jon Gunnarsson

Dagný Halldórsdóttir


Hjalti Páll Ingólfsson

Control group

Representatives of the sponsors form the steering committee of the project. The steering committee of the project participates, among other things, in the review of applications and the selection of the business ideas that are invited to participate in the accelerator.

HLSG (14)
The City of Reykjavík

Guðný María Jóhannsdóttir

HLSG (15)
Reykjavík City

Óli Örn Eiríksson

the Confederation of Industry

Nanna Elísa Jakobsdóttir

Technical Center

Guðbjörg Óskarsdóttir

Reykjavik Energy

Hólmfríður Sigurðardóttir

ORkuveita Reykjavíkur

Hera Grimsdottir


Kjartan Ingvarsson


Valdís Fjölnisdóttir


Málfríður Guðný Kolbeinsdóttir


Jón Viggó Gunnarsson


Valgeir Baldursson

fax bay ports

Gunnar Tryggvason

Steering Group Vortex (1)

Anna Margrét Guðjónsdóttir


Night Thorberg


Gyða Einarsdóttir

Vortex (3)
The Energy Cluster

Rósbjörg Jónsdóttir