#1 Autumn 2020

Doingbusiness thesustainable
way

FOCUS
A standard forcircular products
MARKET
TRENDS
Post COVID-19:
New beginnings

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Crossroads Magazine #1 - Autumn 2020

#1 Autumn 2020

4 Cleantech
6
10
12
14

Building a sustainable economy
A standard for circular products
Sustainability by design
3 things to know about green finance

16 Start-up cornerFit 4 Start: A launch pad for start-ups

18 News

Scan
to watchmore

22 Market trends

24 Business opportunities after COVID-19
28 The way forward
30 StartupsVsCovid19 projects

32 Company portrait
Cyberhedge: Caclculating cyber risk

34 Culture & lifestyle
MushRooming eco home

36 International CEO
Ekaterina Bereziy (ExoAtlet)

38 Luxembourg

38 Luxembourg in figures
40 Business info

I’m really pleased towelcome you to the very
first edition of Crossroads
Magazine, Luxembourg’s
new publication aimed
at companies across theglobe looking for a perfectlocation to launch or expand
their business in Europe.
Sasha Baillie, CEO of Luxinnovation

Scan

to discover our digital
magazine on your device!

3

4

CleantechDoingbusiness thesustainablewayCrossroads Magazine #1 - Autumn 2020

Clean technologies andthe circular economy are
more than just buzzwords
in Luxembourg – they
are essential tools forbuilding a more sustainable
and resilient country.
The approach is practical.

Luxembourg develops a
European standard forproviding circular data about
products as well as models
for assessing the impact
of clean technologies, fromtechnology development
and production to use andend-of-life treatment.
A leading centre forgreen and sustainablefinance, Luxembourg is
also a promising testbed
for emerging circular
economy business models.

5

6

Cleantech

Crossroads Magazine #1 - Autumn 2020

Buildinga sustainableeconomyInternationally renowned for its strong
economic performance, Luxembourg has
a determinedly green outlook towards
the future. Crossroads Magazine spoke
to Minister of the Economy Franz
Fayot about his vision for combining
successful economic development withlong-term sustainability.

Some claim that economic development andsustainability are fundamentally opposed.
What is your view on this matter?
Franz Fayot: The two can, and must, go together. The
linear economy, as we know it, is facing an increasing
number of challenges linked to the scarcity of raw materials
and pollution. Implementing a circular economy, where
sustainability and economic development are complementaryrather than contradictory, would offer solutions tothese problems. The circular economy implies a holistic
management of stocks as well as of product and material
flows, and aims at creating positive economic, environmental
and social impact at all stages of the value chain.

How does the Luxembourg government workwith economic sustainability?
We see clean technologies in general, and the circular
economy in particular, as essential tools for building
a more sustainable and resilient country. These topics
are strongly embedded into the 2018-2023 government

Interview with
Minister ofthe Economy
Franz Fayot

agreement, and the circular economy is a transversal
theme of our strategy for data-driven innovation. Several
national projects with the aim of strengthening clean
technologies and the circular economy are underway. Our
next major milestone is the launch at the end of 2020of our national circular economy strategy, involving all
stakeholders concerned including the relevant ministries.

Could you please outline some of the main
initiatives that are being implemented
in order to strengthen cleantech andthe circular economy in Luxembourg?
One of our flagship projects linked to Luxembourg’s expertisein data handling is the Circularity Dataset Initiative. Its
objective is to develop a European industry standard thatoffers a regulated framework for providing circular data
about products all the way through the value chain. My
team has recently finished the first proof of concept of a
Product Circularity Data Sheet (see pages 10-11) which
will be used to document such circular product data.

7

Cleantech

8

The sustainability perspective is also reflected in a billapproved in July this year, implementing a new aid measure
for companies that have suffered the impact of the COVID-19
crisis. By means of high subsidy levels (up to 50% of eligible
costs), this new financial aid encourages firms to carry out
economic development, digitalisation and environmental
protection projects. An addition level of subsidy is awarded
for projects that include a circular economy aspect.
As circular products require appropriate business models
to be successful, my ministry, together with the Ministryof Finance, has launched a new study to support the
emergence of circular business models. The goal is todefine first-class financial and business services thatwould help such business models flourish in the future.
Circular construction is another key theme in Luxembourg. It
is worth mentioning the on-going building of a dismountableparking garage, the components of which can be taken apartand reused in new buildings, and of a cleantech incubator in
Bissen north of Luxembourg City. In addition, Luxinnovation,
the national innovation agency, and the Luxembourg Instituteof Science and Technology (LIST) are exploring the potential
creation of a deconstruction platform that would be used to
improve the recovery and resale of materials and secondary
products resulting from deconstruction in Luxembourg.

What future opportunities do you see
for Luxembourg in the field of clean
technologies and circularity?
With its expertise in IT and finance, as well as its closeinteractions between social, institutional and economic players,
Luxembourg is a promising testbed for emerging circular
economy business models. Thanks to its entrepreneurial
tradition, our country is well positioned to trigger successful
pilot projects by using an intelligent combination of regulatory,financial and communication tools to provide long-term
visibility to companies investing in circular business models andproducts. The forthcoming national circular economy strategy
will take Luxembourg’s development into a living lab andEuropean hub for circular businesses yet another step forward.
Other cleantech priority fields include urban farming – in 2019,
Luxembourg was the first country to adopt an urban farming
strategy on a national scale – and energy efficiency.
We wish to attract more innovative companies active in thesefields to Luxembourg.

We see clean
technologies ingeneral, and thecircular economy
in particular,
as essential tools
for building amore sustainable
and resilient
country.
The COVID-19 pandemic has had a profound
impact on our society and economy.
Has it also influenced Luxembourg’s
policies in terms of sustainability?
Already before the pandemic, many governments in theworld – including that of Luxembourg – had adopted circular
economy policies for a sustainable resource management.
The “European Green Deal”, the EU’s plan for becoming
climate neutral by 2050, includes a circular economy action
plan. In addition to bringing environmental benefits, thecircular economy will provide greater resilience in view of
expected shortages of raw materials in key industrial sectors.
I think the COVID-19 crisis can be seen as a catalyst
that has accelerated important trends, and it has indeed
strengthened the need for sustainability even more.
Sustainability and resilience are two of the major market
trends in the post COVID-19 economy identified by
Luxinnovation (see pages 24-27). At the national level, we
have launched a programme called Fit 4 Resilience that

Crossroads Magazine #1 - Autumn 2020

offers companies the opportunity to carry out a strategic
assessment on how resilient they are and on what actions
to take to increase their resilience so that they are better
geared up for any future crises. On behalf of Luxembourg,
I have also argued for putting sustainable growth anddigitalisation at the centre of the EU’s relaunch strategy.

What opportunities do you see forinternational cooperation in this field?
The need for a more resilient and sustainable economy isof course not limited to Luxembourg – it is a global trend,
and a key priority in the EU. Luxembourg is involved in theEuropean Circular Economy Stakeholder Platform, whichbrings together public and private European stakeholders

to discuss, present their strategies and exchange goodpractice and knowledge. We are also involved in the
National Circular Hotspot Network, where the Scandinavian
and Benelux countries are very active. In addition, we
collaborate closely with our neighbouring regions.
Luxembourg was selected to host the next edition of
the Cleantech Forum Europe, a major get together
for all players investing in cleantech start-ups andinnovative solutions. Although the pandemic will prevent
us from welcoming the international delegates on site
in Luxembourg, we are proud to host this digital eventand share our experience with colleagues from othercountries. Cooperation is key, and I am convinced that it
will help promote our technologies and build attractive
markets for companies doing business in Luxembourg.

Text: Lena Mårtensson
Photo: Anne Lommel
Illustrations: Quattro Creative

Design out waste
and pollution

The

principles
of a circular
economySource: Ellen MacArthur Foundation

Keep products andmaterials in use

Regenerate
natural systems

9

Cleantech

10

A standard
for circular
products
Clean technologies andthe circular economy
are central themes in
Luxembourg’s strategy fordata-driven innovation. The
country is at the forefrontof developing data-related
standards that will drive
the clean technologies ofthe future.

Christian Tock, Ministry of the Economy

We wanted to find a simple way
for companies to provide relevant,reliable information without having
to reveal any trade secrets.

Crossroads Magazine #1 - Autumn 2020

Luxembourg is renowned for its advanced capacities
for storing, handling and processing data and is now
investing to become a leading data economy. Clean
technologies is one of the priority sectors in the datadriven innovation strategy published by the government
in 2019, and the circular economy is a transversal theme.

Linking data with circularity“For us, there is an obvious link between the use of data
and the circular economy,” confirms Christian Tock, Director
Sustainable Technologies at the Ministry of the Economy.
“No product is circular in itself unless it is at the centre of an
appropriate business model. In order to achieve this, circular
data needs to be available.” Dr Tock is playing a leading rolein the Circularity Dataset Initiative launched in Luxembourg
in 2018 with the aim of developing an International industry
standard that provides a regulated framework for circular
data on products. It will cover the whole value chain, fromraw materials to finished products and from the use phaseto re-usage and recycling.
“Information about a product’s circular characteristics
rarely travels the whole way through the value chain,and some data can be highly confidential,” says Dr Tock.
“We wanted to find a simple way for companies
to provide relevant, reliable information without
having to reveal any trade secrets.

Datasheets: a pragmatic solution
The solution is called the “Product Circularity Data Sheet”(PCDS) which includes all information known about the
product and the type of end of use cycle for which it
has been designed. It shows, for example, whether aproduct is biodegradable and can be reused, repaired,recycled or used as a material bank for new products.

When different components are integrated into the same
product, the accompanying PCDS has to be updated
accordingly. The data confirming the product’s circularcharacteristics remains with the producer, but will be
audited in order to verify the accuracy of the statement.
“With this approach, we avoid having a central storage fordata that is heavy to administer and difficult to keep up todate,” Dr Tock points out. “Companies can also be confident
that there is no risk that the PCDS will give their competitors
access to information that they want to keep confidential.”
The project group is now working on an auditing model ofthe data behind each PCDS that is both cost effective andreliable, and accessible for all companies including SMEs.

Towards an industry standard
Around 50 companies from 12 countries are part of theworking group that has formulated and initially tested the
PCDS. “The next step is to launch tests on a larger scale,including suppliers, and to involve authorities in othercountries,” says Dr Tock. “Our ambition is to formalise theapproach into an ISO standard, but we hope that it will
become an industry standard even before that. If a company
such as ArcelorMittal, Tarkett or Saint Gobain, which are
members of the dataset working group, would decide thatthey want to establish a PCDS for each of their products,
the approach would spread through their network ofsuppliers and cut the costs linked to the tedious requests
and questionnaires used today. It should become
a competitive advantage for them to report thisstandardised information and leave no doubt
about the circularity of their products.”
The hope is, however, that having a PCDS for eachproduct will be a legal requirement in a not too distantfuture. Dr Tock is confident. “We think that this is apotential game changer that could clear some of the
obstacles that the circular economy is currently facing.”
www.pcds.lu

Text: Lena Mårtensson
Photo: Anne Lommel

11

12

Cleantech

Sustainability
by design
What makes a technology truly clean?
Specialists at the Luxembourg Instituteof Science and Technology (LIST) argue
that a holistic perspective, spanningfrom technology development andproduction to use and end-of-life
treatment, is needed.

Determining whether a technology is really “clean”
or not is far from easy. It requires a holistic approach,and not just focusing on its performance during
the production or use phase.
Enrico Benetto, Luxembourg Instituteof Science and Technology

We need tounderstandthe impactof our useof technology
and adaptour behaviour.

“Take electric vehicles, for example,” says Enrico Benetto,
who heads the Environmental Sustainability Assessment
and Circularity (SUSTAIN) unit of LIST’s Environmental
Research and Innovation department. “Although theiradoption is a major step towards cleaner mobility,
different aspects all along their lifecycle need to becarefully considered when designing their deployment.
They will only generate significant environmental gains if
the electricity used comes from renewable sources, forexample. Batteries should be reused at the end of theirlives, for example to store renewable energy in buildings,
and potential social issues related to the extraction of
raw materials have to be transparently addressed.”

Sustainable hydrogen production
Two of LIST’s current flagship research projects focus on
making hydrogen production easier, cheaper and moreenvironmentally friendly. The institute is working on innovativeCrossroads Magazine #1 - Autumn 2020

techniques for the fractionation of water molecules –composed of oxygen and hydrogen – in order to recover
the hydrogen component directly, without the need forcostly and energy-intensive catalysis processes. LIST is
also developing special materials capable of capturing
the solar energy needed to implement the fractionationof water molecules by a photo-electrochemical reaction.
“Hydrogen can be an important source of energy in the
future, in particular for aviation and maritime transportation,
but current production methods are dependent on
non-renewable energies,” comments Dr Benetto. “Thedevelopment of these new techniques powered by solar
energy can be a significant step forward when steered by a‘sustainable by design’ approach.” The objective is to extend
this emerging technology on an industrial scale by 2030.

Ensuring a positive impact
Defining holistic models for evaluating clean technologies
is an important task for Dr Benetto and his team. Around 10
members of his units work as expert evaluators for the Solar
Impulse Foundation, which is labelling 1,000 solutions thatcan protect the environment in a profitable way. LIST’s role isto ensure that the labelled technologies will really generate apositive impact throughout their complete lifecycle, thereby
fostering the transition to a more sustainable society.
The team is also working on an evaluation matrix
for characterising clean technologies at different
levels of maturity in order to help financial investors
assess their environmental friendliness and businesspotential. The work contributes to European andnational sustainable finance initiatives, the objectiveof which is to channel private investment towards
the transition to a climate-neutral economy.

Adapting user behaviour: the data approach
Although clean technologies are essential to achieve
the EU’s objective of becoming climate-neutral by 2050,
Dr Benetto is convinced that they are not enough. “We,as individuals and consumers, need to understandthe impact of our use of technology and adapt our
behaviour. Companies also have to better understandhow their products really are being used, as reality might
differ considerably from the design requirements.”
LIST is in the starting blocks for developing “digital twin”
models and apps allowing users to be better informed andto share data, in a fair and secure way, with technology
developers on how they actually use their products ineveryday life. “I’m certain that client-centric technology
development with a participatory approach, which
involves users already from the design phase, will become
increasingly important. This will be essential to sustain theenergy and sustainability transitions in the next decade.”

Text: Lena Mårtensson
Photos: Laurent Antonelli
and Sabino Parente

13

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3

Cleantechthingsto knowabout
green
financeSecuring financing is
crucial for the transition
to a sustainable,
environmentally friendly
economy. Luxembourg is aleading centre for green
and sustainable finance.

Crossroads Magazine #1 - Autumn 2020

1

Exponential growth
Counted in billions of dollars today,
the sustainable finance sector acrossthe world is expected to reachtrillions in the next five years. “Manyinvestors – in particular millennials
and large institutional investors suchas pension funds – have realised thatthe move towards sustainable financeis an existential question,” explains
Nicolas Mackel, CEO of Luxembourg
for Finance (LFF), the agency for thedevelopment of the financial centre.
“In addition, people start to see thatgreen finance also makes sense froma business point of view. The transition
from traditional manufacturing andprocessing to new, more climatefriendly and sustainable methods,
needs to be financed, and this opens
attractive opportunities for investors.”

2

Luxembourg, a global centre
According to LFF, 35% of assets
invested by European investment funds
into renewable energy projects aremanaged via Luxembourg investment
funds, and the country is the world’s
largest listing venue for green bonds.
50% of all green bonds are listed on
the Luxembourg Green Exchange. As of
30 September 2020, this corresponds
to over 800 securities with a total
value exceeding €300 billion.
“As we are an important financial
centre for investment funds andcapital markets, it is not astonishingthat a lot of the new trends, suchas the pivoting towards green andsustainable finance, to a large
extent happen here,” says Mr
Mackel. “A second factor is ouropenness to financial innovation.
We have a long track record of being
first in many areas, such as being
the earliest to list green bonds.
Being a first mover very often
gives us a leading market share.”3

A competitive advantage
Luxembourg-based private equity
firm ORAXYS is one of the forerunners
in sustainable finance. “When wecreated Oraxys more than 10 years
ago, we were really a pioneer in our
choice to focus on sustainability,”
recalls Managing Partner Grégory
Fayolle. “We decided to create a
specific investment vehicle aimed at
helping European companies develop
new solutions that would benefit
resource efficiency, health and/or theenvironment. For me, it was obviousthat creating a network, knowledge andknow-how in this specific field would
give us a competitive advantage.”
Oraxys targets a range of sectors,
for example green chemistry, waste
management, eco-materials, organic
food, healthy living solutions, IT andsmart electrical equipment. Its first
fund, Oraxys Environment 1, has up
until now a successful track record ofinvesting in 9 SMEs, while its second
fund is ramping up its investments.

Text: Lena Mårtensson
Illustrations: Quattro Creative

15

Start-up corner16

Fit 4 Start:
A launch padfor start-ups
Fit 4 Start isa catalyst for
growth that helps
start-ups point
their launch padin the right
direction:
the moon!
Kevin Muller, co-founder & CEO, Passbolt

Text: Jean-Michel Gaudron
Illustrations: Quattro CreativeCrossroads Magazine #1 - Autumn 2020

For the past five years, the start-up
acceleration programme Fit 4 Start has
provided a great springboard for young
innovative companies in the earlystage of their development.
Initiated by the Luxembourg Ministry of the Economy
and managed by the national innovation agency,
Luxinnovation, it is supported by two of the country's
major incubators – Technoport and the Luxembourg City
Incubator – as well as by the Luxembourg Space Agency.
The programme, which is open to start-ups from all over theworld, offers four months of personalised coaching, combinedwith financial support of €50,000. An additional €100,000
is awarded to start-ups that have successfully completed
the entire programme and succeed in raising private
capital within the six months following their graduation.
Short-listed applicants to the programme are invited topitch to a jury of international experts that selects theparticipants. The only condition for selected foreign startups is to establish a legal entity in Luxembourg, where they
will also benefit from a vast and dynamic ecosystem.

Shortly after
the programme,
we closed a €1
million seedround which took
our company on
an unprecedented
path of growth.
Tom Michels, co-founder & CEO, Salonkee

Fit 4 Start isamazing, because
it helps you
to plan yourentrepreneurial
roadmap very
strategically.
Aida Nazari, co-founder & CEO, LuxAI

Launched in 2015, Fit 4 Start originally targetedcompanies active in the ICT sector. Since then, it has
opened up to the health and space technology sectors.
Two editions are generally organised per year.
In five years, more than 1,800 start-ups from over 90
countries have applied. 78 of them have joined theprogramme and 56 have graduated. The companies thatparticipated in the first nine editions of Fit 4 Start have raisedover €15.2 million from private investors since their creation.
No less than 476 start-ups from 60 countries applied
for participation in the 10th edition of Fit 4 Start
due to begin in early 2021. 79 pitched in front of
the jury. 20 start-ups from 11 countries – including
2 from Asia – were selected for participation: 10 in
ICT, 5 in health technologies and 5 in space.
"The programme's tremendous development over the
past 5 years and the growing interest of start-ups fromall over the world in Fit 4 Start demonstrate both its
relevance and its importance in our start-up ecosystem,"said Luxembourg Minister of the Economy Franz Fayot
when announcing the results of the latest selection.
"And this is true both nationally and internationally.”
The 20 lucky participants will start their programme of
support and coaching in January. At the same time, thecall for applications for the Fit 4 Start edition #11 will belaunched, with increasingly international ambitions.

17

News

18

News
SPACE Luxembourg will host European space resources innovation centre© Ministry of the Economy

The Luxembourg Space Agency (LSA)and LIST (Luxembourg Institute of
Science and Technology) are jointly
setting up the European Space
Resources Innovation Centre (ESRIC)in Luxembourg. The European Space
Agency (ESA) is a strategic partnerof this initiative. The new innovation
centre is planned to be operational by
the end of 2020.
The creation of ESRIC is part of the government initiative
SpaceResources.lu, which was launched in 2016 in orderto create a favourable ecosystem for the developmentof activities related to the exploration and use of spaceresources. It is based on a Memorandum of Cooperation
signed between ESA and LSA in November 2019.
Unique of its kind, ESRIC aims to become the internationallyrecognised centre of expertise for scientific, technical,
business and economic aspects related to the use of
space resources for human and robotic exploration, as
well as for a future in-space economy. It will partner withpublic and private European players in this field in order tocreate a hub of excellence for space resources in Europe.

ESRIC’s activities will be based on four main
pillars: space resources research and development;
support for economic activities; knowledge
management and community management.
“The project will strengthen Luxembourg’sinternational position in this area by continuing
the activities planned under the SpaceResources.
lu initiative and adding an additional dimensionthat does not exist elsewhere in Europe,” explained
Luxembourg Minister of the Economy Franz Fayot.
“After the launch of the Interdisciplinary Space Masterat the University of Luxembourg in February 2019, thecreation of the European Space Resources Innovation
Centre as part of LIST is the second initiative in Luxembourg
undertaken by a public research and higher education
institution in order to develop and support the spacesector on a national and European level. It shows the goodcollaboration with the Luxembourg Space Agency,” added
Minister of Higher Education and Research Claude Meisch.
“The creation of ESRIC will offer great opportunities forsynergies and will definitely position Luxembourg asa European reference in the space resources sector,”commented Thomas Kallstenius, CEO of LIST.
esric.lu

Crossroads Magazine #1 - Autumn 2020

Text: Jean-Michel Gaudronand Lena Mårtensson

LOGISTICS
Luxembourg company delivers world’s
first Airbus A321 converted aircraft

INNOVATION SCOREBOARD
Luxembourg one of Europe's
innovation leaders

Mature aircraft asset specialist Vallair has delivered its
pioneering Airbus A321 passenger to freighter conversion
to launch operator Quantas. Converting a passenger planeto cargo is an extremely complex undertaking, and the
Luxembourg-based company has developed expertise related
to the physical conversion process as well as to engineeringand project management in order to succeed with delivering
the very first conversion of this type.

The European Innovation Scoreboard, published by theEuropean Commission, ranks Luxembourg among the EU’s
innovation leaders. The main reason is the country’s
attractive and efficient research ecosystem.

“The A321 is the future of freighter conversions,” says CEO
Gregoire Lebigot. “Not only is this freighter variant better forthe environment due to its 20% reduction in fuel burn, but
it offers enhanced performance across range, payload andvolume. Thanks to its fly by wire technology, the A321 is moreadvanced and the aircraft is still in production.” A number of
future aircraft deliveries by Vallair are already scheduled.

Luxembourg joins a Scandinavian trio – Sweden, Finlandand Denmark – and the Netherlands. “’Attractive researchsystems’, ‘Employment impacts’ and ‘Human resources’
are Luxembourg’s strongest innovation dimensions,” says
the report. “The strong increase in 2019 is mainly due toimproved performance in doctorate graduates and broadband
penetration.”

DIGITALISATION
Luxembourg in 10th position

SMART MOBILITY
Start-up partnership
Silicon Valley start-up Civil Maps and the University of
Luxembourg’s Interdisciplinary Centre for Security, Reliability
and Trust (SnT) announced a research partnership focused on
autonomous driving technology.
Civil Maps has developed a unique, scalable high definition,
3D mapping and localisation solution suitable for routing
autonomous vehicles. In 2019, the company set up its
European headquarters in Luxembourg in order to address
the European market for self-driving cars and logistics.
The research project launched with the SnT will expand thecapabilities of Civil Maps’ high definition Maps Service.

Luxembourg is ranked in 10th place in the 2020 issue of theDigital Economy and Society Index (DESI), published by theEuropean Commission. The index is a good indicator of the
progress made by EU member states in the digital domain.
With a score of 57.9 points, Luxembourg has improved its
previous score by more than three points and remains well
above the European average (52.6), particularly in the area ofconnectivity where it ranks 3rd.
“Significant progress is observed on digital public services,
rising two positions in the ranking, mainly thanks to digitalpublic services for business and pre-filled online forms of
public services,” the study analyses.
Luxembourg’s overall performance in the area of digital public
services has even improved faster than the EU28 averageand in the provision of digital public services to businesses,
the country scores 99 out of 100 (compared to an EU28
average of 88).

19

News

20

HPC Luxembourg acquires petscale high performance computer© ULHPC

Luxembourg has acquired its highperformance computer (HPC).
Named MeluXina, it will become partof the European HPC network.
The new supercomputer will be inaugurated in spring 2021
and made available to the economy and research sectors.
“We will in particular focus on its use by SMEs, start-ups andhealth services (eHealth) in order to strengthen national andEuropean innovation. I am particularly pleased that the Grand
Duchy has also been chosen as the seat of the managing
entity of the new European network of supercomputers,”
said Prime Minister Xavier Bettel.
The HPC model acquired by Luxembourg is a BullSequana
XH2000, with a computing capacity of 10 petaflops (i. e. 10
million billion calculation operations per second). With thisperformance, MeluXina should be able to attain the top 30
in the ranking of the world’s 500 most performing HPCs. Thisapproach will pave the way for “exascale” supercomputers ahundred times faster than the most powerful current systems.
The acquisition of the HPC is part of Luxembourg’s strategy
to become a leading data economy. “This flagship project
aimed at supporting the digitalisation of our economy andour businesses fits perfectly into the data-driven innovation
strategy of the Ministry of the Economy,” commented Ministerof the Economy Franz Fayot. “Our Luxembourg supercomputer
MeluXina is helping to build a digital, sustainable and reliableeconomy by making high performance computing accessible
to companies of all sizes.”
By the time of the launch in spring 2021, a team of around
20 experts will be set up to operate and market thesupercomputer and provide services to users. They will form
a dedicated competence centre that will guide and support
companies and help them structure their projects so thatthey can make the best possible use of Luxembourg’s HPC
capacities.

Crossroads Magazine #1 - Autumn 2020

21

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for any company. Our International A irs team helps
you track down and target high-potential markets.
Tel: (+352) 42 3939-310 • international@cc.lu
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22Market trends

Post
COVID-19:
New
beginnings

Crossroads Magazine #1 - Autumn 2020

The COVID-19 pandemic hasradically changed businessand consumer behaviour. The
companies that will come out
strongest from the crisis areprobably those that are best
able to adapt their businessmodels to this new reality.

Crossroads Magazine
analyses the innovations,
technologies and trends
that will shape theeconomic reality in themonths and years tocome. It also highlights
Luxembourg’s efforts to
help companies become moresustainable and resilient.

23Market trends

24

Business
opportunities
after COVID-19
The global crisis brought on by
the COVID-19 pandemic will havean enormous impact on the economy
and society of the future. The radical
interruption of “business as usual”
has resulted in huge challenges, but
new opportunities also emerge fromevery crisis.

2020 will go into the history books as the year when theworld stopped, at least for a while. Many businesses aretoday fighting for survival, and their traditional markets might
never again become what they once were. However, this does
not necessarily mean only bad news. Crises also bring newopportunities and spur innovation, and companies that areopen to change and learn from the past turbulent months
could emerge stronger, more competitive and more resilient.

Uncovering main market trends
The key to success is therefore to spot and seize newopportunities. “We are convinced that many of thechanges are here to stay, and that the most successfulcompanies will be those that are able to adapt theirbusiness models to take changes into account,”comments Sara Bouchon, Head of Market Intelligence at
Luxinnovation, Luxembourg’s national innovation agency.
Her team has recently released an in-depth study entitled“Post COVID-19 Market Trends”. It is part of a national
effort, initiated by the Luxembourg government, to help

companies come out of the crisis stronger and morecompetitive than before. The study provides a unique
overview of the innovation, technologies and trends thatwill shape the economic reality in the months and years tocome. Four major market trends are identified: digitalisation,
sustainability, resilience and new business strategies.

The digital leap forward
Defining digitalisation as a megatrend does not soundvery original, but the rapid adoption of digital technologies
to manage business as well as basic aspects of everyday
life during the pandemic moved us forward 3-4 years
virtually overnight, according to some experts.
“This development made us take a big step forward towards
the data economy,” Dr Bouchon points out. “The use ofdigital technologies gives companies new opportunities tocollect data on client behaviour, for example, or on what isgoing on in their supply chain. Smart companies will use
this data to improve their offering and to take strategic
decisions based on facts, not feelings. The data itself isalso a precious asset that could be bought and sold.”
Industrial companies will probably ramp up their investments
in big data, the internet of things, cloud computing andother technologies needed in “smart factories”. “In
China, firms with a high degree of automation and withsystems making it possible to control equipment remotely,
managed to weather the lockdown much better thanothers. The COVID-19 crisis will certainly accelerate thedigitalisation and automation of industrial production
even further, also in other parts of the world.”

Crossroads Magazine #1 - Autumn 2020

Text: Lena Mårtensson
Photo: Laurent AntonelliScan
to watch
moreThis development
made us take a
big step forward
towards thedata economy.

Sara Bouchon, Luxinnovation

25

Market trends

26

Resilient supply chains

Business strategies: a shift of focus

The COVID-19 crisis has also highlighted the urgent needto design smarter, stronger and more diverse supply chainsthat are resilient and can withstand crises. “We expect global
companies to diversify their supply chains much more in
the future and rely less on single-sourcing models driven
exclusively by cost control,” comments Dr Bouchon. “Morefirms will also decentralise their manufacturing capacity
and look to bring parts of their production closer to home.”

One thing is clear: COVID-19 will leave its mark on
the strategies of numerous companies. Luxinnovation
predicts that changes in consumption patterns, theemergence of new forms of entertainment and tourism,
the increased importance of remote working and otherfactors will lead to new business models. Numerous
companies are now analysing their offering to see whether
it still corresponds to what clients want and whether
they are focusing on the most relevant target groups.

Digital technologies are essential. “With technologies
such as artificial intelligence and the internet of things,
companies can obtain a real-time view of all suppliers andtheir stocks. When regular suppliers face disruption, they
can react by quickly switching to alternative providers.”“This crisis has forever transformed the way we work
together,” comments Thierry Ravasio, Head of Corporate
and Public Sector at KPMG Luxembourg. “We haveTowards a new, sustainable paradigm
COVID-19 has been a radical eye opener when it comesto sustainable business and societal practices.
“The lockdown gave us a simulation of how to drasticallyreduce our negative environmental footprint,” says
Dr Bouchon. “If we want the economic recovery post
COVID to last over time, we need to ‘build back better’
as the OECD says.”

Digitalisation
1. Digital transformation
acceleration
2. Tracking privacy& security
3. Embracing industry 4.0

Romain Poulles, who chairs Luxembourg’s Higher Council
for Sustainable Development, goes a step further. “We
need a complete paradigm shift towards an economic
model based on well-being, social equality, reduced
environmental risks and much less pressure on finite
resources,” he claims. “This would probably result in the
biggest business opportunities of the last 200 years.”
Key sustainability trends identified in the Luxinnovation
report include the transition towards clean, renewableenergy sources, reusable medical equipment, healthy
and locally produced foodstuffs, and the construction ofsustainable and resilient public infrastructure. Circularbusiness models, such as product-as-a-service and thesharing economy, are also emerging. “Every product is aservice waiting to happen,” Mr Poulles agrees. “I thinkthat companies will increasingly change their businessmodels and sell services rather than products in orderto have more control over their resources and get themback, after their initial use, into their own value chains.”

Sustainability
1. Achieving the energy
transition
2. Shifting to acircular economy
3. Rethinking the foodvalue chain
4. Investing insustainableinfrastructureCrossroads Magazine #1 - Autumn 2020

seen a shift of focus on what really matters: customers,
employees and citizens. Our CEO Outlook Survey ofSeptember 2020 illustrates that the crisis has accelerated
digital transformation and social responsibility strategies,
and these mindset shifts are likely to go the distance. A
motivated workforce, resilient and agile operations andoutstanding customer experience are also hot topics thatwill continue to shape the business strategies of the future.”He sees exciting opportunities arise in several fields, forexample in the healthcare sector that has received a huge
boost by innovative medical technologies driven by techcompanies. “The need to be able to provide an exceptionalcustomer experience during the lockdown has increased thedemand for digital tools that enable paperless processes

and remote team working. The intense focus on minimising
the risk of productivity and data loss when working remotelyis also creating opportunities in the field of cybersecurity.”
Luxinnovation points out innovation as one of the mostimportant factors for being able to adapt to the “newnormal” and benefit from these new opportunities. “Before
the pandemic, we spoke about innovation as a way of
improving products and services. Now, we focus more on
innovative business models, innovative ecosystems andinnovation in policy and decision making,” says Dr Bouchon.
She mentions the many partnerships set up very rapidly thisspring by companies pooling their resources and innovation
capacity in order to respond to urgent needs for medical
equipment. “Innovation and cooperation are effective means
for becoming more resilient to challenges in the future.”

Resilience

Post
COVID-19
markettrends

1. Focusing on thehealthcare system
2. Building regional
supply chains
3. Investing in education& re-skilling
4. Committing to an
inclusive democracy

New businessstrategies
1. Reconsideringbusiness strategies
2. Embedding innovation
3. New working trends
4. Consumption
patterns evolution
5. Emerging
entertainment trends

27Market trends

28

The way
forwardWhen the coronavirus pandemic firsthit Western Europe, Luxembourg
quickly put health measures in place
to protect its population. The country
also launched a massive programme
to safeguard the economy, followed
by a range of measures aimed at
stimulating innovation and helping
companies become more sustainable
and resilient.
Confinement, social distancing, face masks… The
measures implemented in Luxembourg resemble, toa large extent, those of other countries. What stands
out, however, is the determination to detect, trace andtreat COVID-19 cases demonstrated by the country’s
fairly unique large-scale testing programme. During its
first phase, which ran from end-July to mid-September,over 307,000 residents were tested, which roughly
corresponds to 50% of the national population.
The government was also quick to present a substantial
economic stabilisation programme with a total budget
corresponding to over 14% of the national GDP – a move
that, according to Prime Minister Xavier Bettel, was madepossible by Luxembourg’s “very performing economy
and strong finances”. The economy actually suffered acomparatively light hit during the spring, reported national
statistics agency STATEC, which also predicted this summerthat it will recover from its losses quickly, with growth of
3% already in the third and fourth quarters of 2020.

Committed start-up nation
The general economic measures did not make Luxembourg
lose its focus as a committed start-up nation. The country’s
rapidly expanding start-up ecosystem includes some
350 dynamic young companies, many of which werestrongly impacted by the economic slow-down. In orderto facilitate their way through the crisis, the government
increased the proportion of its subsidies for R&D-intensive
young innovative enterprises that develop innovative
products, services and processes from 50% to 70%.
The Ministry of the Economy, in collaboration with nationalinnovation agency Luxinnovation, also launched a callfor projects entitled “StartupsVsCovid19” that offered 15
start-ups financial support of up to €150,000 each todevelop innovative technological products and services
intended to limit, or even overcome, the economic,
health and societal effects of the coronavirus crisis. “The
responsiveness and creativity of the start-ups is a signof a mature ecosystem that fully fulfils its role as a driverof innovation for our economy, society and healthcare
system,” confirmed Luxinnovation CEO Sasha Baillie.

Crossroads Magazine #1 - Autumn 2020

Innovating a sustainable, resilient future
Luxembourg clearly sees innovation as a way out of
the crisis. Already in April, the government introduced
financial support measures for companies carryingout research projects in fields such as drugs andtreatments, medical equipment or diagnostic tools, orinvestments targeting the fight against COVID-19.
A new law, adopted in July, provides government support
aimed at substantially stimulating investment projects in thepost COVID-19 era. Co-funding is available for development
projects, process and organisational innovation projects,
and projects focused on energy efficiency or on exceeding
current environmental standards. Companies developing
circular projects and solutions can count on additional
support amounting to 20% of project costs – a measurethat Luxembourg is the first EU country to put in place.
In order to help companies manage their way out of
the crisis and develop resilient long-term development
strategies, Luxinnovation and the Ministry of the Economy
launched the “Fit 4 Resilience” programme. Participantsreceive expert support to analyse the impact of COVID-19
on their business and define how they can best reposition
themselves and relaunch their activity. “Ideally, the future
strategies will include a more digital, circular and regional
perspective,” says Ms Baillie. “With the feedback that we
receive, we will develop good practices that can be sharedwith all the stakeholders in the national ecosystem.”

Text: Lena Mårtensson
Photo: Laurent Antonelli

29Market trends

30

StartupsVsCovid19
projects
Augmented reality
temperaturescreening
Specialised in the design ofnovel augmented reality (AR)solutions for the healthcare
market, Arspectra is developing
thermal cameras for screening
the temperature of people inplaces with a high throughput,
such as airports. Its ArviGuard
mobile headsets equippedwith thermal sensors and AR
capabilities will allow police
officers, security agents orhealthcare staff to measure
the temperature of multiple
people simultaneously anddetect potential COVID-19
cases without any close contact.
“ArviGuard will significantly
reduce the risk of contaminationand enable agents to makequick and fluid healthcontrols,” says Head of ProductDevelopment Arnaud Legros.
arspectra.com

Optimised ambulance dispatching
Mobility tech start-up Utopian Future Technologies provides an endto-end Software-as-a-Service platform for on-demand ride pooling toEurope’s largest operators and transport authorities. “With COVID-19,
the number of non-urgent ambulance trips increased strongly,” says
co-founder and CEO Jean-Luc Rippinger. “The dispatching is handledmanually and lacks optimisation and transparency.” The company is now
developing a smart dispatching system that optimises and coordinates
ambulance routes through algorithms and automatically schedules
vehicle disinfection following interventions related to COVID-19 cases.
uft.luEnhancing communication withintensive care patients
SOVI Solutions is specialised in assistive technologies, in particularaugmentative and alternative communication (AAC) software. It is currently
adapting its communication tool for intubated and hospitalised COVID-19– and other – patients. “Intubated patients generally have difficulties
expressing themselves verbally and making their needs understood,”
explains co-founder Alessio Weber. “Our software will include artificial voicecommunication for intubated patients, as well as a cloud-connected symbolbased communication system to be used between patients and care givers.”
The solution, which can also be helpful for foreign-language patients, will
improve patient services, save time and reduce communication barriers.
sovi.luCrossroads Magazine #1 - Autumn 2020

Promoting online
peer learning
Adapting to online education
during the COVID-19 related
lockdown was challenging formany students. CoCo World, asocial start-up committed topromoting peer learning, studies
students' online education
experience during confinement
and found that they missed
a dedicated space to study
with their peers. “Our Peer
Square solution is an online
study platform for secondary
school students in Luxembourg,
powered by AI to optimise theonline learning experience,"says founder Caroline Assaf. “Itwill allow them to learn fromeach other and with each otherby engaging with a communityof peers, finding peer tutors
and arranging individual orgroup study sessions.”
thecocoworld.com

Coupling Earthobservation and
COVID-19
GlobeEye® uses Earthobservation data to develop
insights for the asset
management industry. The startup’s project “Space-to-Breath” isaimed at identifying and tracing
the distribution and sources ofpolluting gases believed to havean impact on the disseminationof COVID-19. “Research argues
that air pollution is highly
correlated to the spreadingof the virus and the severityof the symptoms,” explains
Board Chair Dr Silvia Pepino.
“We will use satellite and otherremote sensing data to map
levels and changes in polluting
gases in the atmosphere. This
work can be helpful for futureplanning and policy actions
related to a broad set of healthand climate problems.”
globeeye.eu

Scan

to watch more
StartupsVsCovid19
stories31Company portrait

32

Calculating
cyber risk
As companies’ use ofdigital technologies
increases, so do theassociated risks.
American start-up
Cyberhedge came to
Luxembourg to develop
a method for calculating
how cyber risk impacts
business value, which
it hopes will become aninternational standard.

Ryan Dodd, Cyberhedge

Crossroads Magazine #1 - Autumn 2020

During his over 20 years as an investor, Cyberhedge founderand CEO Ryan Dodd frequently encountered the inabilityof companies to report clearly on how they managed andprotected data and software code. Nor could they express
how their technology management influenced the company
value. As a response, he set up Cyberhedge – the only
company in the world able to instantly and accurately assess
the impact of cyber risk on a company’s equity value.
“In 2015, no one was talking about this, but now it isa big topic,” says Mr Dodd. He draws a parallel withenvironmental and social governance, which has gonefrom being a buzzword and niche investment topic to amainstream issue and investment theme in global markets.
“In the near future, there will be more requirements
for companies to publicly disclose their cyber risk.”
Cyberhedge combines standard economic modelling withmachine learning and artificial intelligence to calculate cyberrisk in financial terms. The instant calculations are done
through a software as a service (SAAS) dashboard used bycorporates and the investment community. The company isworking with global ratings agencies to license its technology
to rollout the risk management product and get it adopted
by corporates as a standard for measuring cyber risk.

European centre of financial regulation
Locating the company in Luxembourg was quite logical.
“Europe is the global leader in the field of environmental
and cyber issues and their influence on the economy of
the future. Luxembourg is at the heart of the European
financial system and regulation, and for us, it is crucial
to be where the conversation is really taking place.”
The Luxembourg Stock Exchange, which Mr Dodd calls
fairly unique in its willingness to try new things, was alsointeresting. One of Cyberhedge’s plans for the future isto create financial instruments that help corporations
hedge or transfer risk – hence the company name – andthe stock exchange could be an attractive partner for
testing ideas such as a futures index for cyber risk.

Cybersecurity commitment
The contact with Luxembourg initially came throughCyberhedge’s lead investor, VC firm Paladin Capital, whichconnected the start-up with the Luxembourg Future Fund.
Cyberhedge now counts both the fund and the Luxembourg
state-owned bank SNCI among its shareholders.
Mr Dodd is impressed by the Luxembourg government’s
commitment to cybersecurity. “For people thinking
about opening an office or setting up a European HQ
here, I tell them the truth: if you are willing to commit,
the government provides an enormous help.”
Cyberhedge currently has a staff of 12, a number that it
expects to double in the next 9-12 months. The Luxembourg
staff is hosted at the Luxembourg House of Financial
Technology, where the company has found an effective
professional network. “Our clients are international, but
our national network is very useful for recruiting leading
data engineers and scientists,” Mr Dodd explains.
In spite of the COVID-19 pandemic, the CEO isconfident about the future. “This period has emphasised
companies’ reliance on digital technology, whilecyberattacks have increased. This will create moreawareness about cyber risk and the need to deal with
it as a core risk to business operations. I’m convincedthat our offering will be part of the solution.”

Text: Lena Mårtensson
Photo: Olga Antonova

33

Culture & Lifestyle
lifestyle34

Text: Lena Mårtensson
Photo: Laurent Antonelli

MushRooming
eco home

Crossroads Magazine #1 - Autumn 2020

Luxembourg

1st country in the world to makeall public transport free

As of 29 February 2020, residents and visitors
can travel by public transport everywherein the country free of charge.

2nd most sustainable country

in the world2020 has been the year of the“staycation” and, for many, theopportunity to enjoy unexpectedadventures and beautiful spots.
Luxembourg is blessed with a uniquelandscape and diverse scenery, andoffers a wide variety of accommodation
ranging from glamping to castles andboutique hotels. Why not try out the
MushRooms of hotel Péitche Lauer inthe central Eastern part of the country?
Located a mere stone throw away fromthe feudal castle ruins in Useldange,these eco lodges on the edge of theriver give you direct access to cycling
and hiking trails.
peitchelauer.lu

Source: 2020 Environmental Performance
Index (EPI), which ranks 180 countries onenvironmental health and ecosystem vitality.

3rd best city for expats
Source: AIRINC’s 2020 Global 150 Cities Index,
which lists cities that offer an attractive
combination of high salaries, low taxes
and costs, and an attractive quality of life.

35

36

CEO portrait CEO
International

A place forinnovation
Ekaterina
Bereziy

CEO of ExoAtlet
From Russia
Living in Luxembourg since 2019
Ekaterina Bereziy came to Luxembourg to look for theideal location for the European headquarters of ExoAtlet,
a start-up specialised in wearable exoskeletons helping
patients recover their locomotive functions. Her first
visit to Belval, a former steelworks site transformed
into an innovation hotspot, was a surprise. “It was
like being inside a museum hosting innovation. At
first, I could not image having an office here – today
Belval is the place where I both live and work.”
She enjoys both life and business in Luxembourg.
“It is a very safe and pleasant country. People
are very nice and speak both English and otherlanguages. The people we collaborate with areopen to help our start-up on its journey.”
The greatest advantage?
“I don’t feel like a foreigner here. I feel at home.”

Crossroads Magazine #1 - Autumn 2020

Scan
to watchmore

Text: Lena Mårtensson
Photo: Laurent Antonelli

37

Luxembourg in figures

38

Luxembourg
in figures
2,586 km2

Total area of the country (57 km from Westto East and 82 km from North to South)+2.3%
GDP growth 2019254

GDP/inhabitant 2018
(in Purchasing Power Standards; Index 100 = EU-28)

626,100
inhabitants

Population (01/20) including 329,600 Luxembourgers
and 296,500 non-Luxembourgers representing more than
170 nationalities

Crossroads Magazine #1 - Autumn 2020

6.6%

Unemployment rate (mid-2020)

Structureof the grossvalue added
at basic prices

0,3% Agriculture
5,4% Construction
6,8% Manufacturing industry, energy & water
18,6% Public services

19,8% Real estate activities, rent services& services to companies

22,6% Distributive trades, lodging & catering,transport & communication

26,5% Financial activities

Europeaninstitutions

Luxembourg is home to no less than 12 European
institutions and bodies.

Text: Jean-Michel Gaudron
Illustrations: Quattro Creative
Source: STATEC

39

Business info Luxembourg

40

Text: Lena Mårtensson

Business info
Luxembourg
Setting up abusiness in
Luxembourg
Creating a company in Luxembourg
involves several steps. This practicalguide walks you through the process.

1. Apply for your business permit
All businesses established in Luxembourg must acquire thenecessary governmental permits. Commercial, skilled craft
and industrial activities as well as certain liberal professions
are subject to a business permit.

2. Define your company’s legal form
For more detailed information, please visit:
tradeandinvest.lu/discover-why-luxembourg

Whatever the size and nature of their business, it is crucial
for entrepreneurs to choose a legal form that suits theiractivity (sole proprietorship or company).

Crossroads Magazine #1 - Autumn 2020

Contact ourinternational
network

The Luxembourg Trade and Investment
Offices (LTIOs) around the world are
fully committed to assisting you withthe expansion of your business to
Luxembourg and your entrance into theEuropean markets.
LTIO Abu Dhabi investinluxembourg.ae
LTIO Casablanca tradeinvestluxembourg.ma
LTIO New York new-york.investinluxembourg.us
LTIO San Francisco san-francisco.investinluxembourg.us
LTIO Seoul investinluxembourg.kr
LTIO Shanghai investinluxembourg-china.com
LTIO Taipei investinluxembourg.tw
LTIO Tel Aviv investinluxembourg.co.il
LTIO Tokyo investinluxembourg.jp
Find more information about the support available
for international companies considering coming to
Luxembourg at tradeandinvest.lu/how-we-help

3. Handle immigration issues

5. Learn about taxation

Any third-country national (a person who is not an EEA or a
Swiss Confederation national) planning to stay in Luxembourg
for a period exceeding three months (90 days) must apply fora residence permit before entering the country.

Companies in Luxembourg are subject to corporate tax
and have to apply value added tax (VAT) to their products
and services. Individuals are taxed based on their personal
situation.

4. Explore financing and support measures

6. Affiliate to the social security system

Companies that establish a sustainable presence in Luxembourg
can draw on several financing and support measures that help
them expand their activities, develop innovative concepts andproducts and strengthen their competitiveness.

All companies need to fill in an operating declaration and a
declaration of start of employment to the Joint Social Security
Centre, which handles the data, registration of affiliations andcollection of contributions for the different insurance funds.

41

Business info Luxembourg

42

Business support
in pandemic times
Crossroads Magazine asked Yuriko
Matsuno, Executive Director of LTIOTokyo, how she and her team support
Japanese companies interested in
exploring Luxembourg as a businesslocation during the COVID-19 pandemic.
“We are organising a series of webinars featuring different
sectors – logistics, clean technologies, ICT, and so on– in order to keep Japanese companies informed about
opportunities in Luxembourg, and this has been very
successful. The Japanese community in Luxembourg is also
an essential network for us, and we organised an online
discussion about how its members have fared during the
pandemic.

Yuriko Matsuno, LTIO Tokyo© Masaya Abe

a major event where start-ups can meet both investors andpotential clients. We also increasingly translate brochures andvideos into Japanese and publish them online to compensate
for the networking opportunities that we used to have during
the pre-corona period.”

Looking forward to when we will be able totravel again, what do you like most whencoming to Luxembourg?
“I love the weekly markets that are being held in the centreof the capital. Whenever I see stands and people on Place
Guillaume or Place de la Constitution, I make sure to join
for a beer and a typically Luxembourgish potato cake –a Gromperekichelcher.”In addition, we are encouraging Japanese business people toparticipate online in Luxembourg events. For example, three
Japanese start-ups had virtual booths at ICT Spring 2020,

Impressum
Crossroads Magazine is published by Luxinnovation.

Original concept
Kathrin Wattellier

Special thanks to the Fonds Belval for their kind authorisation to accessthe Halle des poches à fonte (p. 40-41).

Consulting and production
Quattro Creative Studio (wearequattro.com)© 2020 Luxinnovation. All rights reserved.
Any reproduction or adaptation, either partial or total, is strictly prohibitedwithout the express written authorisation of Luxinnovation.

Editors-in-chief, coordination & contributors
Jean-Michel Gaudron & Lena Mårtensson

To subscribe to Crossroads Magazine, please send an email tocommunication@luxinnovation.lu.
To subscribe to our regular newsletter and other online updates about
Luxembourg as an ideal business location, please visit www.tradeandinvest.lu.

Printing
Reka print+
Pictures
Laurent Antonelli (Blitz), Olga Antonova,
Marion Dessard & Anne Lommel

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