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Estonian battery maker Skeleton announces a €600M expansion in France, eyes IPO

Estonian innovations power pan-European companies. Battery maker Skeleton Technologies announces a new factory in southern France and eyes a potential 2027 IPO.

Estonian battery developer Skeleton Technologies, widely believed to be the country’s next unicorn, is expanding in France and preparing for a potential stock exchange listing in three years.

The company plans to invest €600M to construct a graphene-based battery-cell plant and research centre near Toulouse in southern France. The site is expected to commence production in 2027 and generate up to 300 jobs, according to CEO and co-founder Taavi Madiberk.

This facility will specialise in high-power energy storage cells for industrial applications with 15-minute cycles. In addition, the company will produce supercapacitors, which can be powered rapidly and have virtually unlimited recharge cycles.

This expansion is part of the next step in the company’s evolution. The aim, according to Madiberk, is to “be IPO-ready in 2027.”. The company has not specified which stock exchange will be picked.

Skeleton Technologies announced their latest investment during Emmanuel Macron’s “Choose France” summit on Monday. The event, initiated by the French president in 2018, aims to attract foreign investors to France.

The initiative seems to be working as intended — Madiberk selected Toulouse over other potential locations, attributing the decision to the government’s welcoming stance toward international businesses, competitive subsidies, and a stable nuclear energy supply. The company also has two facilities in Germany: a plant in Dresden and a Superfactory under construction near Leipzig.

“France has been aggressive, in a good way, and we really like this,” Madiberk said in an interview, as quoted by Bloomberg. “If we want to compete with China and the US, we need to build pan-European companies.” As for going for Toulouse, the company has also favoured an opportunity to partner with local universities that provide a strong talent pool.

The investment will be made over five years and include both manufacturing capacities and long-term cooperation with local hubs for research and development.

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