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Estonian Innovations Propel European Enterprises: Skeleton Technologies Announces €600M Expansion in France and Eyes IPO

2024-06-03 00:00:00

Skeleton Technologies, an Estonian battery manufacturer poised to become the country's next unicorn, has unveiled plans to build a new facility in southern France and is considering a potential IPO in 2027. The company intends to invest €600M in the construction of a graphene-based battery-cell plant and research center near Toulouse. This site is expected to begin production in 2027, creating up to 300 jobs, according to CEO and co-founder Taavi Madiberk.

The new facility will focus on producing high-power energy storage cells for industrial use, featuring 15-minute cycles, and supercapacitors, which can be charged quickly and have virtually unlimited recharge cycles. This expansion marks a significant milestone in the company’s growth, with the goal of being IPO-ready by 2027, although the specific stock exchange has not yet been decided.

Skeleton Technologies announced this significant investment at the "Choose France" summit, an event initiated by French President Emmanuel Macron in 2018 to attract foreign investment to France. The company's decision to choose Toulouse over other potential sites was influenced by France's supportive stance towards international businesses, competitive subsidies, and a reliable nuclear energy supply. Additionally, the proximity to local universities providing a strong talent pool played a crucial role.

Madiberk praised France's proactive approach, noting that it positions Europe to compete effectively with China and the US by fostering pan-European companies. Skeleton Technologies also operates two facilities in Germany: one in Dresden and a Superfactory under construction near Leipzig.

The €600M investment, spread over five years, will encompass both manufacturing capabilities and long-term collaborations with local research and development hubs.

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