© skeleton technologies Electronics Production | February 15, 2017
Skeleton sign investment loan agreement with the EIB
The European Investment Bank (EIB) has signed a EUR 15 million ‘quasi equity’ financing with Skeleton Technologies.
The EFSI-backed financing will allow the company to finance the R&D for the further development of its products and systems. Skeleton Technologies had previously raised EUR 26,7 million of capital investments and the EIB ‘quasi equity’ financing brings the total financing to EUR 41,7 million. The financing will allow Skeleton Technologies to better serve its customer base, which includes German automotive manufacturers, leading global engineering companies and the European Space Agency. EIB’s Vice President Jan Vapaavuori commented: “The EIB financing will provide Skeleton a powerful financial boost to accelerate production, R&D and commercial development with a view to deploy its graphene-based ultracapacitors not only across the European continent, but also globally. It will allow the company to fully exploit its leading scientific knowledge in the field, gain critical mass and become significant in a market with huge potential. Given Skeleton’s cutting-edge technology and the eco-friendliness of its products, it’s only logical that EIB supports such European innovators.” “This EIB loan is an important milestone for the company, not only providing more financial power to achieve our goals, but also serving as a sign of trust for our customers and partners. The loan will enable us to focus our efforts on bringing energy savings from our technology to transportation and power grids, where reducing CO2 emissions will have the largest impact both financially and environmentally. The Investment Plan for Europe was the perfect way for us to finance pan-European activities and we plan to significantly increase our headcount and expand activities in Estonia and Germany.” The company plans to invest heavily in manufacturing and R&D to increase its competitive advantage on a component level. This will allow Skeleton Technologies to become a full energy storage systems provider. The company will also launch an electrode mass production facility near Dresden, Germany. This will create employment locally, in line with the objectives of the Investment Plan for Europe, under which this loan will be guaranteed by the European Commission Estonian Minister of Finance, Sven Sester, highlighted: “Both Estonian and European economic growth has to be based on private sector investments. The decision by Estonian tech company Skeleton Technologies to invest into high-tech production and the loan issued by European Investment Bank and guaranteed under the European Fund for Strategic Investments, is a meaningful example of cooperation for economic growth,“ stated The Estonian Minister of Finance Sven Sester. „Estonian government has set a separate target for growing the volume of investments. We do this by using our own means but also cooperate with European institutions.”