In 2024, Estonian companies have undergone significant transformations, marked by considerable advancements and investments across diverse sectors. From technological innovations to major financial initiatives, Estonia is enhancing its role as a hub for trade and innovation.

Notable highlights from 2024 include Bolt’s impressive €220 million credit raise and plans for an IPO, and Skeleton Technologies’ investment of over half a billion euros in France. Both news emphasise the country’s growing influence in the transportation and energy sectors.

Estonia has also made significant advancements in the agricultural sector by inventing a honey DNA test and sending the world’s first DNA-tested honey shipment to Japan, showcasing the country’s commitment to quality and innovation.

The construction of the world’s first floating entertainment venue, Oceaya, along with a billion-euro investment to host Europe’s largest methanol plant, illustrates Estonia’s forward-thinking approach and its pivotal role in shaping the future of trade and industry.

TOP 10 most-read articles on Trade with Estonia webpage in 2024:

April

Estonian honey received a unique DNA test in the world

After years of development, a honey DNA test was completed in collaboration between Tartu scientists and several hundred Estonian beekeepers. This test helps reduce fraud in the field and protects the interests of consumers and producers. The Estonian honey DNA test is one of the most comprehensive in the world. The first DNA-tested honey shipment from Viljandimaa honey producer Nordmel was sent to Japan in September.

May

Bolt raises €220M in credit, currently targeting the Amsterdam Stock Exchange for IPO

In May, the Estonian unicorn Bolt announced plans to raise an additional €220 million in funding and  prepare for an IPO. Bolt expanded its various services this year to Dubai, Prague, Cairo, Reykjavik, Klang Valley in Malaysia, and many other cities. The company currently has 150 million customers in over 45 countries across Europe and Africa.

A French company, Neverhack, buys an Estonian cyber company

In May, the French cyber security company Neverhack acquired a full stake in Security Software OÜ, which operated under the Cybers brand in Estonia. This acquisition accelerated the development of Neverhack in the Baltics and Nordic countries and the international development of Cybers in Europe.

Skeleton invests over half a billion in France and is preparing for an IPO

Estonian high-power energy storage company Skeleton Technologies pledged to expand into France at an economic summit hosted by French President Emmanuel Macron in May in Paris. The company plans to invest 600 million euros over five years, create 300 jobs, and be ready for IPO in 2027.

July

Estonian firm builds world’s first floating entertainment venue Oceaya

Marketex Marine, a company belonging to Estonian BLRT Grupp, has begun constructing the world’s first modular floating multi-purpose entertainment platform, known as Oceaya. The project’s scalable design allows to adjust its size and shape from 604 sq.m. to over 1,161 sq.m., depending on the event. Construction of Oceaya is expected to be completed by the middle of 2025.

August

Fibenol´s big project will become a reality: the company will develop a biorefinery in Latvia

In August, Fibenol Latvia Ltd, a subsidiary of Estonian company Fibenol OÜ, announced starting feasibility and environmental impact studies on a 26-hectare plot of land in Valmiera Industrial Park in order to determine its suitability for the construction of a potential biorefinery.

The development and scale of the planned plant are long-term projects. A successful feasibility study would result in production commencing around 2030.

September

Every fourth wooden house for the EU comes from Estonia

To solve the housing shortage for example in Germany, 350,000 to 400,000 apartments need to be built each year. 306,000 were built in 2020, the best figure since 2001. At the same time, ecological construction is to be implemented. Great expertise with modern timber construction techniques comes from Estonia, the largest exporter of wooden houses in Europe. 

Estonia favours a billion-euro investment to host Europe’s biggest methanol plant

Dutch company Power2X is set to establish the largest methanol plant in Europe, located in the resort town of Pärnu, Estonia. In September, Estonian Climate Minister Yoko Alender and Minister of Economy and Industry Erkki Keldo met with representatives of the Dutch company Power2X. At the meeting, it was confirmed that the planning of Europe’s largest methanol plant is ongoing. The goal is to bring an investment of over one billion euros to Estonia and support the transition to clean energy.

Alpha3D revolutionizes 3D asset creation with AI-powered platform

Alpha3D, an Estonian AI technology startup that is transforming the global 3D content creation landscape with its AI platform, which automates the traditionally time-consuming process of manual 3D asset creation, announced in September plans to enter the Middle East and North Africa (MENA) region.

October

Unicorn alert: H2Electro aims to revolutionize hydrogen production

Doors for long-term cooperation in South Korea opened to Estonian company H2Electro, which manufactures components required for hydrogen production. The company’s founder and CEO, Henrik Hal, hopes today’s major cooperation project will create a good basis for future cooperation with even bigger companies such as Hyundai or Toyota.

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