Estonia's Skeleton plans US IPO after data center pivot: CEO

Skeleton Technologies, an Estonian cleantech company specializing in ultracapacitor-based energy storage, has outlined plans to pursue a U.S. IPO by 2027, according to CEO and co-founder Taavi Madiberk. The company's strategy aligns with its recent €600 million ($647 million) investment in a graphene-based battery-cell plant and research center near Toulouse, France, which is slated to begin production in 2027 and create up to 300 jobs. This expansion, announced during French President Emmanuel Macron's "Choose France" summit, underscores Skeleton's focus on scaling its high-power energy storage solutions for industrial applications.

The company has raised €121.3 million in total capital over the past 12 months, including €70.4 million in its Series D financing round, with participation from existing investors such as EIT InnoEnergy and new backers like Marubeni Corporation and Adyen alumni according to company announcements. Skeleton's total funding since inception now exceeds €93 million ($109 million). The firm has also secured €51 million in government funding from Germany's Federal Ministry for Economic Affairs and Energy and the Free State of Saxony as reported.

Madiberk emphasized that Skeleton's proprietary curved graphene technology differentiates it from competitors in the lithium-ion battery sector, enabling faster charging and longer lifespans for its energy storage systems. The company's revenue has grown threefold in two consecutive years, with a contract backlog exceeding €150 million from automotive and grid clients. While the specific stock exchange for the IPO remains undetermined, Madiberk highlighted the need to build "pan-European companies" to compete globally.