The minister signs an agreement on support for Hringiða

Guðlaugur Þór Þórðarson, Minister of the Environment, Energy and Climate, signed an agreement with Icelandic Startups to support the cycle accelerator Hringiðu.

In order to move Icelandic society from a linear economy to a circular economy, new solutions are needed in the entire value chain of products and services, new technologies must be developed and known technologies adapted to Icelandic conditions.

With a business accelerator with a focus on the circular economy, new technologies and methods can be highlighted, promoted and supported that really solve the surrounding issues in environmental matters, with the view that at the end of the accelerator, the participants will be able to present their projects to investors and submit elaborate applications for grants in European funds, such as LIFE and Horizon 2020.

The business accelerator is based on an international model and offers an ambitious platform for product development and good preparation for financing. 

The focus of the accelerator is structured meetings of participants with experienced entrepreneurs, investors and other experts. It is a proven process where up to ten start-ups are given access to a wide network of mentors from the business world and targeted training aimed at bringing a product to market.

 "To achieve our environmental goals, we must use our main resource, ingenuity. This signing today is part of empowering entrepreneurs to do good deeds," says Guðlaugur Þór Þórðarson, Minister of the Environment, Energy and Climate. 

The Ministry of the Environment, Energy and Climate proposes that innovation, research and development play a key role in the transition to a circular economy. Among other things, to promote these aspects, the Ministry annually grants grants for cycle projects. The Climate Fund also provides innovation grants, and the climate focus of projects often overlaps with cycle focus.

Iceland now also participates in the LIFE program of the European Union. This has opened up possibilities for companies, municipalities, non-governmental organizations and other Icelandic parties to apply for foreign grants for projects related to the circular economy.

Published on the website of the Government Council of Iceland on February 7, 2022