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

Skeleton Technologies has chosen France and the Occitanie region to expand its activities. The company is investing 600 million euros to build a graphene-based battery factory and research and development centre near Toulouse in southern France. Production will begin in 2027.

In addition, the company aims to be ready to go public by 2027, although it has not yet been decided which stock exchange the company will be listed on. The company announced the investment as part of French President Emmanuel Macron’s “Choose France” summit, which aims to attract foreign investors to France.

Several countries were considered

Skeleton Technologies was established in 2009 in Tartu. Headquartered in Estonia, Skeleton Technologies opened its first plant seven years ago near Dresden, Germany. Additionally, a supercapacitor mass production plant is currently under construction in Leipzig. The company employs over 130 people at its headquarter and engineering center in Tallinn.

“We are the first Estonian industrial company to have expanded into two of Europe’s main industrial countries, Germany and France. This is undoubtedly a landmark achievement for us, which will help pave the way for other Estonian green technology companies,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies.

“Toulouse and the Occitanie region are the perfect location for us to set up our base in France, with direct proximity to existing and potential customers, and access to world-class talent and research institutions.”
Taavi Madiberk, CEO and co-founder of Skeleton Technologies.

According to Madiberk, several countries were considered for the location of the supercell R&D centre and new plant. “The French interest in our activities has been remarkable, and our Estonian origin is seen as an important strength there,” said the Skeleton CEO.

“Toulouse and the Occitanie region are the perfect location for us to set up our base in France, with direct proximity to existing and potential customers, and access to world-class talent and research institutions. This will allow us to accelerate the development of next-generation battery technologies through collaboration with the best experts in battery, materials, and energy storage, and build our next factory specifically dedicated to our SuperBattery product,” said Madiberk.

For example, Occitania is home to the headquarters of aircraft manufacturer Airbus and the aerospace unit of Thales. The University of Toulouse is also one of Europe’s leading research centers for materials science.

Skeleton´s new plant will be in Occitaine

Welcoming the expansion of Skeleton, French Economy and Finance Minister Bruno Le Maire said: “Seven years ago, there was no battery industry in France or Europe. The investment decision to support Skeleton through the green industry tax credit is part of France’s strategy for re-industrialization.”

Carole Delga, president of the Occitania region, was happy that the choice of the Estonian company fell in favor of Southwest France. “The arrival of Skeleton Technologies is great news for Occitania. We competed with several European countries and other French regions. Skeleton’s decision to create a research and development centre and a future factory here shows that the region has become a benchmark region in the field of low-carbon mobility and new energy solutions. Our efforts to develop an ecosystem that supports companies in this field have borne fruit.”

Skeleton Technologies focuses on the high-power, fast-charging segment of energy storage technologies. Its supercapacitors and SuperBattery are used in various sectors and applications, including grid energy storage, heavy-duty and utility vehicles electrification, data centres, rail, marine, automotive, space, aeronautics – and allow to reduce CO2 emissions and save energy. Skeleton’s customers include some of the world’s leading automotive and transport companies, industrial equipment manufacturers and electricity grid operators such as Hitachi Energy, Siemens, Honda, Skoda Electric, Shell, CAF and Martinrea, among others.

Skeleton Technologies is a Global Cleantech 100 company founded in Tartu in 2009 and a technology leader in the field of high-power energy storage. The company, with over 300 employees, operates in Estonia, Germany and Finland. Skeleton’s head office with the engineering center is located in Tallinn.

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