Skeleton Technologies develops novel energy storage solutions such as Supercapacitor and SuperBattery, and says the acquisition will further strengthen the Nordic Tech Valley's global attractiveness.

Skeleton acquired European Battery Technologies Oy after the latter's bankruptcy, and has also secured a separate lease agreement with Keski-Savon Teollisuuskylä for a state-of-the-art, 9,400 square meter plant located in in Varkaus, Eastern Finland.

Skeleton Technologies' CEO, Taavi Madiberk said: "We have been investing to ramp up our manufacturing capacity in Germany, and Finland is an excellent addition to rapid prototyping and expanding our piloting capabilities significantly."

"This will support our existing manufacturing sites and will allow us to initiate the pilot production of our next-generation products," Madiberk went on, according to an Invest in Estonia press release.

"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," he added.

Mayor of Varkaus Joonas Hänninen said that with its rich industrial history, the town of Varkaus eagerly embraces the venture, calling it a significant step toward a new era in the modern energy industry and anticipating the growth and innovation that Skeleton Technologies should bring to the local community, and to the broader energy storage sector.

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

Founded and developed in Estonia, Skeleton currently operates a plant in Dresden, Germany, and is in the process of constructing a €220-million, state-of-the-art ultracapacitors factory in Leipzig.

Skeleton Technologies is also to establish a dedicated R&D team led by renowned battery expert Dr Kai Vuorilehto, working closely with the Espoo-based Aalto University, to facilitate advanced R&D efforts and to foster innovation.

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