1 The EIC Accelerator Project
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups with innovative ideas that have the potential for significant impact in the market. This program particularly focuses on DeepTech sectors, where technology-driven solutions can address pressing societal challenges. The EIC Accelerator provides both grants and equity investments to facilitate the scaling of high-potential companies.Funding Structure
The EIC Accelerator offers a blended financing model, which combines both grant funding and equity investment. Under this model, companies can receive grants of up to €2.5 million, aimed at covering costs associated with innovation, such as research and development, prototyping, testing, and market entry.
In addition to grants, the EIC Accelerator provides equity investments. Until 2024, companies can benefit from equity funding of up to €15 million. This amount is intended to support further development and commercialization of innovations. Starting in 2025, this equity investment cap will be reduced to €10 million. The blended finance model is designed to minimize financial risks for startups and incentivize private investors to engage, thereby facilitating access to additional funding sources.
Purpose in the DeepTech and Startup Ecosystem
The EIC Accelerator serves as a critical mechanism in the European startup ecosystem by bridging the funding gap that often exists for innovative enterprises. Many startups struggle to secure financing from private sources, particularly in the early stages of development. The EIC Accelerator not only provides necessary capital but also enhances the credibility of these companies in the eyes of potential private investors. By demonstrating that a company has received funding from a reputable European entity, the EIC Accelerator helps to attract further investments, thereby enabling companies to scale effectively.
Case Study: LEKATECH OY and the RHINO Project
Company Overview
LEKATECH OY, a Finnish company, emerged as a winner of the EIC Accelerator program with its innovative project, RHINO (Electric bReaker Hammer transforming the mIning aNd cOnstruction industries to zero-emission). The project was submitted on October 6, 2021, and successfully advanced through the EIC Accelerator's rigorous evaluation process.
Project Description
The RHINO project aims to revolutionize the mining and construction industries by introducing a zero-emission electric breaker hammer. This technology addresses the urgent need for sustainable practices within sectors that have traditionally relied on fossil fuels, contributing significantly to greenhouse gas emissions. By shifting to electric power, the RHINO project seeks to eliminate emissions associated with hydraulic and pneumatic hammers that are commonly used in these industries.
Technology Basics
At its core, the technology behind the RHINO electric breaker hammer leverages advanced electric motors and battery systems designed for high-performance applications. The device is engineered to deliver the same or superior impact force as traditional breakers while operating more quietly and efficiently. The use of electric power not only reduces emissions but also minimizes noise pollution, making it more suitable for urban construction sites and sensitive environments.
The design of RHINO incorporates smart technology features, enabling real-time monitoring of performance metrics, battery life, and operational status. This data-driven approach allows for predictive maintenance, thereby reducing downtime and increasing overall efficiency. The objective is to create a robust, reliable, and environmentally friendly tool that can be seamlessly integrated into existing workflows in the mining and construction industries.
Conclusion
The EIC Accelerator program plays a pivotal role in fostering innovation within the European startup ecosystem, particularly in the DeepTech sector. By providing substantial funding in the form of grants and equity investments, it empowers startups like LEKATECH OY to bring groundbreaking solutions to market. The RHINO project exemplifies this mission by not only addressing environmental concerns but also enhancing operational efficiencies in heavy industries. As the EIC Accelerator continues to support innovative companies, it contributes significantly to Europe's transition towards a sustainable and technologically advanced future.
2 The Funding Rounds
LEKATECH OY: Financing, Funding Rounds, Investors, and Exit Events Since EIC Accelerator Funding
Financing Raised and Funding Rounds
- In October 2021, Lekatech Oy was awarded funding from the European Innovation Council (EIC) Accelerator following the cut-off on October 6th, 2021. The total EIC support comprised both a grant and equity investment component amounting to approximately €6.3 million over four years.
- Within this package, some sources specify the grant portion as €1.7 million. The balance would have included an equity component in line with typical EIC Accelerator structures.
- In January 2023, Lekatech raised additional strategic funding from Normet Group—a Finnish technology company specializing in mining and underground construction equipment—though the exact amount of this investment remains undisclosed.
Timing and Amount of Funding Rounds
| Date | Investor/Funding Source | Amount | Type/Details |
|---|---|---|---|
| Oct 2021 | EIC Accelerator | ~€6.3 million (total) / €1.7m (grant) | Grant + Equity |
| Jan 2023 | Normet Group | Undisclosed | Strategic minority investment |
| Aug 30, 2024 | Normet Group | Undisclosed | Full acquisition/buyout |
Investor Information
- EIC Fund: Provided grant plus equity as part of EU's Horizon research & innovation program.
- Normet Group: Initially a strategic investor via minority stake in January 2023; subsequently acquired full ownership of Lekatech Oy in August 2024.
Company Valuations
No public disclosure exists regarding specific post-money or pre-money valuations during these rounds.
Exit Events: Acquisition by Normet Group
On August 30th, 2024, it was announced that Normet had acquired full ownership of Lekatech Oy. This marks a significant exit event for the company:
"Normet is excited to announce that it has acquired the full ownership of Lekatech... Following the transaction Lekatech will continue to operate as an independent company as part of the Normet Group."
Lekatech continues operations under its original brand but is now fully integrated into Normet’s portfolio.
Summary Table
| Event | Date | Details |
|---|---|---|
| EIC Accelerator Award | Oct 6, 2021 | ~€6.3M total (€1.7M grant), commercialization focus |
| Strategic Investment | Jan/16–19/23 Dates vary slightly by source |
Normet becomes minority shareholder
Acquisition by Normet Aug 30th 24 Norme acquires all shares; Lekatec operates independently within group
Key Points
- Since Q4/21 EIC win (~€6.3M), main external investor has been Finland-based industrial group Normet, first via strategic minority shareholding (Jan ’23), then through complete buyout (Aug ’24).
- No IPO or other exit event occurred except for acquisition by trade buyer.
- No specific valuation amounts published at any round.
Sources
- Lekatech selected for EIC Accelerator funding
- Lekatech company information – Startup Luxembourg
- Finnish startup Lekatech receives investment from Normet Group - AIN
- Lekatech - Products & Financials - CB Insights
- Dealroom profile – Oslo ecosystem
- Dealroom profile – Zurich ecosystem
- Normet Acquires Lekatech – Official Press Release
3 The Press Releases
Since winning the EIC Accelerator funding in October 2021, Finnish company Lekatech Oy has made significant strides in advancing its pioneering electric hammering technology, achieving important milestones in partnerships, technology development, and market introduction.Key Partnerships and Ownership Changes
- In early 2023, Normet, a global leader in underground mining and tunneling solutions, made a minority investment in Lekatech. This collaboration strengthened over the next year and culminated in August 2024 with Normet acquiring full ownership of Lekatech. The acquisition aims to accelerate the adoption of electric hammering technology worldwide by leveraging Normet’s extensive market presence and research capabilities while allowing Lekatech to maintain operational independence within the group.
- Lekatech also partnered with ABB to develop tailored software for controlling their novel linear electric motor hammer. ABB adapted its HES880 frequency converters—originally designed for mobile machinery—to meet the unique requirements of Lekatech’s linear motors. This collaboration enabled near-commercial readiness of their electric hammers after successful field testing at demolition sites and mines.
Technology Advancements
- Since its founding in 2018, Lekatech has focused on revolutionizing impact hammers using patented linear electric motor technology — a world-first innovation that replaces traditional hydraulic systems with fully electric solutions.
- Their core product line now includes advanced models such as the LEKA Toras 35 introduced publicly at Hillhead 2024 (June). This model builds on earlier versions by offering enhanced performance characterized by high power-to-weight ratio, low vibrations for operator comfort, programmable precision force control that adapts dynamically to working conditions, and drastically reduced environmental impact (98% less oil consumption compared to hydraulic hammers).
- The linearly driven electromotor enables energy savings up to 60% compared with conventional hydraulic hammers while doubling impact force efficiency. This breakthrough supports both urban construction projects needing zero or low emissions equipment as well as heavy quarrying and mining operations aiming for sustainability goals.
Market Introduction & Commercialization
- After years of dedicated R&D including pilot testing at demanding environments like Finland's Pyhäsalmi mine under joint research efforts with Normet since their initial investment phase, Lekatech is close to commercializing these products globally.
- Initial deliveries are targeted toward "zero-series" customers who will provide further user feedback before broader market rollout. The LEKA Toras 35 is positioned as a game changer replacing traditional breakers across multiple sectors such as demolition, quarrying mining above or below ground thanks to its digitalized control platform enabling continuous upgrades through software.
Company Vision & Team Updates
- CEO Antti Anttila emphasizes that this technological leap represents not just an efficiency upgrade but also a catalyst for green transition within earthmoving industries worldwide.
- Through strategic partnerships like those with Normet (which now owns them) and ABB—and focusing on digitalization—the company aims to lead hammer electrification globally while maintaining rapid innovation pace supported by strong industry collaborations.
In summary, since receiving EIC Accelerator funding late 2021 until now in mid–late 2024:
- Lekatech has secured major industrial partnership culminating into full acquisition by Normet.
- Developed cutting-edge fully-electric impact hammer technology based on patented linear motors.
- Advanced commercialization readiness validated through pilot programs.
- Launched new flagship product LEKA Toras 35 showcasing superior performance integrated into sustainable construction ecosystems.
These developments position Lekatech firmly at the forefront of transforming traditional hydraulic breaker markets into digitally controlled electrified systems aligned with global sustainability trends.
Sources
4 The Technology Advancements
Overview of Lekatech Oy
Lekatech Oy, a Finnish technology company founded in 2018, has been at the forefront of developing innovative electric hammering solutions. Since receiving the EIC Accelerator funding in October 2021, Lekatech has made significant advancements in its technology and market presence.
Current Capabilities and Advancements
Lekatech's primary focus is on linear electric motor technology, which they use to power their electric hammers. These hammers are designed to be lightweight, produce low vibrations, and offer high power, making them suitable for operator comfort, economic use, and high productivity. The company's electric hammer technology aims to revolutionize the traditional hydraulic impact hammer market by providing more energy-efficient solutions for mining and construction applications.
Following the EIC funding, Lekatech continued to develop its technology, introducing the LEKA Toras 35, a new electric hammer unveiled at Hillhead 2024. This model further enhances the capabilities of their original electric hammer, offering improved performance and reduced environmental impact. The LEKA Toras 35 is designed to work seamlessly with electric excavators, making it ideal for zero or low-emission areas.
Technology Demonstration and Market Presence
Lekatech has demonstrated its technology through extensive testing, including trials at the Pyhäsalmi research mine in Finland. These tests have shown the effectiveness of their electric hammers in real-world environments, highlighting their reduced energy consumption and environmental benefits. Additionally, Lekatech has worked on pilot projects with OEMs in the construction and mining industries, further solidifying its market presence.
Patents and Scientific Contributions
Since the EIC funding, Lekatech has been active in patent development. They have conducted multiple patentability studies, leading to several new patent applications focusing on core hammer technology and control systems. As of the latest reporting period, Lekatech has a robust patent portfolio with granted patents and ongoing applications.
Future Prospects and Growth
With the support of Normet, following a full acquisition in August 2024, Lekatech is poised for further growth and expansion. The acquisition allows Lekatech to leverage Normet's global reach and research capabilities, enhancing its ability to develop and deploy its technology on a broader scale. The future looks promising for Lekatech as they continue to innovate and expand their offerings in the electric hammering sector.
Sources
- Full acquisition of Lekatech presents electrifying possibilities
- Lekatech Oy: Linear electric technology for hammering applications
- Full acquisition of Lekatech presents electrifying possibilities - Normet
- Lekatech 'Electric Hammer' aims to revolutionise impact hammer market
- Lekatech Introduces New Electric Hammer
- Introducing Lekatech's new Electric Hammer – LEKA Toras 35
- Electric bReaker Hammer transforming the mIning aNd cOnstruction ...
- Lekatech selected for EIC Accelerator funding
- New electric LEKA Toras 35 hammer to bring hammering to a new era
5 The Partnerships and Customers
Since receiving the EIC Accelerator funding after its Step 2 proposal submission on October 6, 2021, Finnish company Lekatech Oy has significantly advanced its partnerships and market positioning through strategic collaborations and ownership changes with key industry players.Key Partnerships and Customers
Nature of New Relationships
- The full acquisition by Normet transitions the relationship from investor-partner to parent company-subsidiary status while maintaining operational independence at Lekatech headquarters in Iitti. This allows deeper integration into Normet’s extensive R&D infrastructure and global sales channels.
- Collaboration with ABB focuses on developing tailored electrical control solutions necessary to optimize the performance of new linear electric hammers—a world-first technology breakthrough pioneered by Lekatech.
Market Positioning Impact
These partnerships strongly position Lekatech OY as a pioneer within the electrification transformation of heavy machinery tools used across mining, quarrying, construction industries:
- With backing from a major global player like Normet—who integrates their SmartDrive® battery-electric architecture with Lekatech’s hammers—Lekatech is set to accelerate adoption of fully electric hammering tools worldwide.
- The relationship elevates their credibility and access to large-scale customers across underground mining operations where safety enhancement via electrification is increasingly prioritized.
Technology Advancement & Scaling Benefits
The relationships contribute substantially toward technological progress and scaling potential:
- Access to Normet’s experience enables accelerated R&D efforts; joint testing (such as at Pyhäsalmi research mine) validates product iterations rapidly.
- Integration into broader electrified systems enhances product compatibility within modern fleets using digital platforms like Vemcon CoPilot—which supports operational modes for these electric tools enhancing user experience at customer sites.
- Collaboration with ABB ensures continuous refinement of crucial electronic components supporting efficiency gains that make these hammers up to 70% more energy efficient than hydraulic counterparts while delivering higher impact forces.
In summary, since winning EIC Accelerator funding in late 2021, Lekatech Oy has solidified itself through transformative partnerships primarily anchored by full acquisition from industry giant Normet Group alongside close technical collaboration with ABB. These relationships enable it not only to scale globally but also push forward cutting-edge technological advancements that reinforce its leadership role in sustainable industrial electrification.
Sources
- Full acquisition of Lekatech presents electrifying possibilities
- Normet Acquires Lekatech
- Normet acquires Lekatech - normet.com
- Breakthrough in electric hammering | News center - ABB
- Full acquisition of Lekatch presents electrifying possibilities - norme.com blog
- Lekatch making real a fully-electric hammer dream | Aggregates Business
- Electric hammer manufacturer sold | Demolition & Recycling Media
6 The Hiring and Company Growth
Lekatech Oy, a Finnish technology startup founded in 2018 and specializing in linear electric technology for hammering applications, has experienced notable developments since receiving EIC Accelerator funding after submitting their Step 2 proposal on October 6, 2021.Team Growth and Hiring
- Lekatech refers to its team as "solid" and committed to revolutionizing hammering technologies with an innovative electric hammer product line. While exact current headcount figures are not publicly specified, the company’s narrative indicates ongoing growth and strengthening of production capabilities.
- In late 2023, Lekatech announced the appointment of Perttu Paukkuri as Manufacturing Specialist starting November 11, bringing years of machinist experience and expertise in manufacturing technology. This hire is part of efforts to support product development in manufacturing processes and production tooling methods.
- Around the same period, Jouni (surname not provided), who had contributed significantly since July 2023 by developing supplier networks and production capabilities towards readiness for serial production, departed from Lekatech at end of November 2023. His replacement roles were designated among existing team members: Jyri Peltola (Head of Engineering) assumed responsibilities related to purchasing and supplier networks while Matias Herranen took over as Product Specialist focusing on production.
- The company is described as growth-oriented with recognition from European funding instruments; it is preparing for commercialization phases aimed at scaling operations globally as demand for electric hammers rises.
Current Team Size / Headcount
Hiring Status
Key Positions Recently Hired
- Manufacturing Specialist (Perttu Paukkuri) focused on supporting product development in manufacturing alongside tooling methods.
- Organizational restructuring after Jouni's departure placed key responsibilities under existing leadership roles such as Head of Engineering (Jyri Peltola) managing suppliers/purchasing functions.
These moves suggest focus on strengthening internal capabilities critical to transitioning from pilot testing towards commercial mass production.
Impact on Future Growth
The addition of specialized personnel like a Manufacturing Specialist represents deliberate investment into operational excellence necessary for scaling serial production efficiently. Enhancing supplier network management under experienced engineering leadership further supports supply chain robustness required for larger-scale deliveries. These changes align closely with the company's vision articulated by CEO Antti Anttila about leading digitalization within hammering technologies toward sustainable industrial transformation globally.
Such strategic hires will enable Lekatech to meet rising market demands projected due to environmental regulations favoring energy-efficient solutions like their electric hammers—expected to disrupt traditional hydraulic impact markets substantially over the coming decade. Their membership in European Demolition Association also positions them well within a professional network fostering industry collaboration during this pivotal commercialization phase .
Management Changes
No major changes have been reported regarding top management or founding members since securing EIC Accelerator funding. CEO Antti Anttila remains prominently involved in guiding technological innovation partnerships (e.g., ABB collaboration)and operational decisions including organizational role adjustments following staff transitions noted above .
Summary
Since winning EIC Accelerator support post-Oct 2021:
- Lekatech has grown its team strategically around manufacturing expertise.
- Recent significant hire: Manufacturing Specialist Perttu Paukkuri.
- Internal role shifts cover procurement/production leadership after other key personnel moved on.
- No detailed total headcount disclosed but evidence points toward steady scale-up toward commercial serial production.
- Current hiring status unspecified but implied potential need due to imminent market rollout plans.
- New team members enhance manufacturing capability crucial for efficient scaling aligned with green transition goals.
- No reported major management or founding team changes; CEO continues active leadership.
This progression underscores Lekatech’s transition from R&D startup phase into early commercial scale-up driven by advanced linear electric motor technology disrupting traditional impact hammers worldwide.
Sources
Lekatech Oy Official Website
European Demolition Association News - LEKATECH Joins EDA
Lekatech Production Strengthening Announcement
ABB News Center - Breakthrough In Electric Hammering
7 The Media Features and Publications
Media Features and Industry Presence of Lekatech Oy Post-EIC Accelerator FundingSince securing EIC Accelerator funding (Horizon 2020 grant agreement No. 866754), Finnish innovator Lekatech Oy has solidified its position as a disruptor in electric hammer technology. Below is a synthesis of its media coverage, events, and industry engagements:
Media Features & Publications
- PD World highlighted Lekatech’s “groundbreaking” linear motor technology, emphasizing its role in enabling energy-efficient mining and earthmoving operations.
- International Mining (IM) detailed the LEKA Toras 35’s launch, noting its superior power-to-weight ratio and compatibility with electric excavators. The outlet also emphasized the hammer’s 70% energy efficiency gains over hydraulic alternatives.
- Tunneling Online covered Lekatech’s participation at Hillhead 2024 (UK), where the LEKA Toras 35 debuted as a “game-changing” solution for demolition and quarrying.
Podcasts & Interviews
No direct podcasts or interviews featuring Lekatech executives were identified in available sources. However, CEO Antti Anttila has been extensively quoted in industry publications discussing the company’s patented linear motor technology and environmental benefits.Conference & Fair Participation
- Hillhead 2024: Lekatech unveiled the LEKA Toras 35 electric hammer at this premier UK trade show, emphasizing its adaptability for zero-emission zones.
- FACHTAGUNG ABBRUCH 2025: The company participated in Europe’s largest demolition conference in Berlin, showcasing innovations aligned with sustainable demolition practices.
Event Involvement & Collaborations
- Joining the European Demolition Association (EDA) in early 2025 enabled broader networking and advocacy for electric solutions within Europe’s demolition sector.
- Field demonstrations at quarries showcased the LEKA Toras 35 breaking hard granite efficiently, reinforcing partnerships with distributors and clients.
Sources
- Introducing Lekatech's new Electric Hammer – LEKA Toras 35
- Lekatech 'Electric Hammer' aims to revolutionise impact hammer market
- Lekotech Introduces New Electric Hammer
- LEKATECH OY: Linear electric technology for hammering applications
Do you need EIC Accelerator support?
Here is a list of the key service options for the EIC Accelerator:
Full Writing Service
All proposal sections are written by Stephan Segler, PhD.
Advisory Service
You write in-house but receive 1-on-1 support, templates, instructions, and reviews of all documents.
AI Writer & Training
A high-quality AI writer for EIC Accelerator Step 1 and a comprehensive Training program for Steps 1 and 2 including all templates and instructions.