Skip to main content
invest in estonia


Estonian battery manufacturer Skeleton Technologies expands to Finland

Estonian DeepTech scale-up Skeleton Technologies expands its manufacturing capacity and accelerates research and development (R&D) efforts to Finland, which further strengthens Nordic Tech Valley's attractiveness in a global sphere.

Estonian DeepTech scale-up Skeleton Technologies, which develops novel energy storage solutions, has made a move to expand its manufacturing capacity and accelerate research and development (R&D) processes.

Skeleton, known for its Supercapacitor and SuperBattery, announced the acquisition of the assets of a bankrupt European Battery Technologies Oy in Finland. In addition, Skeleton secured a separate lease agreement with Keski-Savon Teollisuuskylä for a state-of-the-art plant spanning 9400 sqm in Varkaus, Finland.

Reviving groundbreaking assets

The acquired assets were previously owned by European Batteries Oy, a trailblazer in the European battery industry. Notably, European Batteries Oy was the first company to manufacture Lithium Iron Phosphate (LFP) batteries in Europe. Known for their high energy density, long cycle life, and stable performance, LFP batteries use iron phosphate as the cathode material. They are used in a variety of applications such as electric vehicles, renewable energy storage systems, and backup power supplies.

Following the impactful innovation journey of Nordic Tech Valley, Skeleton has developed novel energy storage solutions based on Curved Graphene. Their groundbreaking technology represents the most significant technological advancement in the industry over the last two decades. Founded and developed in Estonia, Skeleton currently operates a plant in Dresden, Germany, and builds a €220M state-of-the-art ultracapacitors factory in Leipzig. The latter is set to become the world’s largest and most modern facility of this kind.

Skeleton Technologies’ CEO, Taavi Madiberk, highlighted the significance of the new expansion. “We are investing to ramp up our manufacturing capacity in Germany. Finland is an excellent addition to rapid prototyping and expanding our piloting capabilities significantly. It will support our existing manufacturing sites and will allow us to initiate the pilot production of our next-generation products,” he stated.

Strategic expansion and growth

With the increasing demand for their battery products, Skeleton Technologies has no intention of stopping at Finland alone. Madiberk further stated: “We have an ambitious technology roadmap to serve all needs for energy storage, which is why we will need to accelerate the expansion of our development and manufacturing capabilities.”

In addition to the manufacturing capacity boost, Skeleton Technologies will establish a dedicated R&D team led by renowned battery expert Dr Kai Vuorilehto in close proximity to Aalto University. This move will facilitate advanced research and development efforts, fostering innovation and driving the company’s pursuit of cutting-edge energy storage solutions.

The Mayor of Varkaus, Joonas Hänninen, expressed enthusiasm about welcoming Skeleton Technologies to the city. With a rich industrial history, Varkaus eagerly embraces this venture, marking a significant step toward a new era in the modern energy industry. The city anticipates the growth and innovation that Skeleton Technologies will bring to the local community and the broader energy storage sector.

With the strategic expansion through the acquisition of the Finnish plant, Skeleton Technologies is poised to expedite the development and production of its SuperBattery and other groundbreaking energy storage products outlined in its technology roadmap. This bolstering of manufacturing and R&D capacity will solidify Skeleton Technologies’ position as a leader in high-power fast-charging energy storage solutions.

Interested in investing in Estonia? Find out more about the country’s energy sector here and book a time via e-Consulting to speak to your personal advisor.

News & events

Need more information?

Need more information?

What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors? Who to partner up with?

The Estonian Investment Agency’s team is happy to help you via its complimentary e-Consulting service, organize online or offline follow-up events such as virtual investment visits and guide you through the fairly simple process of investing in Estonia.

Request e-consulting