Axis Industries, a Lithuanian engineering, technology and energy group, allocates 3M EUR for startups that wish to use its production base. It expects no return from the startups.

Axis Industries claims it will offer a novel partnership model for startups – the company will provide startups with its experience, the resources of its innovation department and its production capacities and its manufacturing base.

“We are ready to help developing and designing the innovative startup ideas until the final product. If necessary, we will invest in manufacturing of the prototypes and the test batch of the products. By assuming the business risk, we hope that once the product is released for commercial production, we will be chosen as its manufacturer”, – Remigijus Baltrušaitis, Head of Axis Industries, has been quoted in a press release.

He says Axis Industries will have no claims to the startup ideas, products, trademarks or shares, and will make no demands as to a part in the commercial sales of a new product. The company is interested in the areas of energy, industry, domestic or IT solutions.