Estonian-founded Skeleton Technologies has raised €41.3 million of equity capital from investors.
Skeleton was advised by investment bank UBS in the financing round. Ellex Raidla was the legal advisor to the transaction, Skeleton Technologies said.
Most of the investment was subscribed by new investors. All current investors joined the equity increase, including EIT InnoEnergy, FirstFloor Capital, MM Group and Harju Elekter.
According to Skeleton, the company's turnover will triple for the second year in a row despite the COVID-19 crisis. The company has signed contracts for the supply of products worth €150 million in the coming years.
Skeleton's production is located in Germany, but IT, electronics and electrical engineering are located in Tallinn's Ulemiste City. Approximately 90 people work in Germany and more than 50 people in Estonia, and the company plans to grow rapidly in the coming years.
A total of more than €93 million has been invested in the company.
Skeleton Technologies is a developer and manufacturer of ultracapacitors and energy-storage systems, delivering high power, high energy, reliable and long-life storage solutions in the automotive, transportation, grid and industrial sectors.
Editor: Helen Wright