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For the past two years, the Cyprus University of Technology, Cyprus Energy Agency and Chrysalis LEAP, in cooperation with the Cypriot shipping industry, as well as with a group of port authorities and other bodies from across Europe, have been working towards the adoption of an ambitious roadmap, which will contribute towards the strategy adopted by the International Maritime Organization, to reduce greenhouse gas emissions by 50% (based on 2008 levels). The effort was funded by EIT Climate-KIC, the EU's leading climate innovation initiative, through the Net-Zero Emissions Resilient Maritime Hubs project.

This activity gave the opportunity to the Cyprus University of Technology, together with the partners from 4 EU countries, to successfully submit a proposal to the European Institute of Innovation and Technology on the financing and implementation of a global maritime accelerator. An integral part in the successful application was the support of the local maritime industry.

 “As Multimarine Services Ltd, we strongly believe that a fossil free future is the way forward and therefore we are committed to work towards this goal. This is why we support the establishment of a maritime accelerator, by providing both grants to the participating startups, but also access to our facilities and services at the Port of Limassol, worth €60,000 annually”, said Pavlos Phokas, Commercial Director of Multimarine Services Ltd.

The accelerator will receive annual funding of more than €1 million per year from European and National resources and from private companies for the period 2021-2023. The ultimate goal is to create a world-class maritime accelerator, which will support and develop 30-40 start-ups per year, which will provide solutions to the challenges of reducing carbon emissions, not only locally, but also internationally. 

Through this accelerator, participating start-ups will receive free training and guidance and funding ranging from € 5,000 to € 500,000 (depending on maturity level and specific conditions) from EIT Climate-KIC and other partners and will be given the opportunity to present their ideas in front of investors from Cyprus, Israel and the United States, and also in front of the largest shipping companies in the world, which support this initiative.

"The operation of a maritime accelerator in Cyprus is another steppingstone towards our vision to establish Cyprus as a Cleantech Hub of Innovation and Entrepreneurship" said Associate Professor Alexandros Charalambides, Head of the Department of Chemical Engineering at the Cyprus University of Technology and project co-ordinator.

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