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Skeleton Technologies Chooses France for a €600 Million Investment

Skeleton Technologies Expands in France with a €600 Million Investment. Paris, France – On May 14, 2024, during an economic summit presided over by Emmanuel Macron, Skeleton Technologies, an estonian developer and manufacturer of energy storage solutions, announced a major expansion in France. The company plans to invest €600 million in research and development (R&D) as well as in the production of super batteries over the next five years.

Taavi Madiberk meets Emmanuel Macron in Paris. Source: Skeleton Technologies
Taavi Madiberk meets Emmanuel Macron in Paris. Source: Skeleton Technologies

In 2024, Skeleton will begin the research and development of next-generation battery technologies in Toulouse, the Pink City located in the southwest of France. Mass production of these super batteries is scheduled for 2027. Founded in Tartu in 2009, Skeleton Technologies opened its first factory near Dresden in Germany seven years ago and is currently building a supercapacitor factory in Leipzig. Its headquarters and engineering center in Tallinn employ over 130 people. This Estonian company is decidedly focused on the industrial powerhouses of France and Germany.

A Significant Achievement for the Estonian Industry

“We are the first Estonian industrial company to expand into the two main industrial countries in Europe: Germany and France. This is an important achievement for us and will also pave the way for other Estonian green technology companies,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies.

Madiberk emphasized that several countries were considered for the new R&D center and factory. However, France's efforts to revitalize its industry with green technologies were decisive. “The interest of the French in our activities has been remarkable, and our Estonian origin is seen as an asset,” he added. In this regard, in October 2023, France passed the Green Industry Law, developed in consultation with civil society and elected officials, then voted by the parliament. This law aims to accelerate the reindustrialization of the country and make France the leader in green industry in Europe. Skeleton's case is a perfect application of this law.

Toulouse: A Strategic Choice

“We chose Toulouse for our R&D center because we are close to our customers and benefit from a world-class workforce and research institutions,” explained Madiberk. Occitanie, a region that is home to aerospace and space giants such as Airbus and Thales, as well as the University of Toulouse, a renowned material science research center, proved to be an ideal location.

Enthusiastic Welcome in France

Bruno Le Maire, Minister of the Economy, Finance, Industrial and Digital Sovereignty, emphasized: “Seven years ago, the battery industry in France and Europe did not exist. This investment decision, made possible by the green industry tax credit, validates our strategy of reindustrialization in the service of the French people and the climate.”

Carole Delga, President of the Occitanie region, welcomed this expansion. “The arrival of Skeleton Technologies is excellent news for Occitanie. We were competing with several European countries and other French regions. Skeleton’s decision shows that the region has become a hub for green technologies,” said Delga. She added that efforts to develop a favorable ecosystem for companies in this sector have paid off.

A Green Reindustrialization Strategy

Skeleton Technologies is recognized as one of the Global Cleantech 100 companies, a leader in high-power energy storage. Employing over 300 people, it is present in Estonia, Germany, and Finland. Laurent Saint-Martin, Managing Director of Business France, highlighted that this project is emblematic of France’s strategy to reclaim a green industry. “Business France has supported Skeleton for four years to convince them to choose France, which was a determining factor in their decision,” he noted.

This expansion marks an important step in the development of the green technology industry in France, attracting innovative companies and strengthening R&D capabilities in the renewable energy sector.

France: An Attractive Territory for Estonian Companies

Skeleton is not the only company investing in France. Bolt, the leading mobility platform in Europe, announced on May 13, 2024, an investment of over €100 million in France over the next five years. This strategic commitment aims to promote responsible mobility solutions and strengthen its presence in the French market, where it is already a major player with operations in more than 30 cities and a network of over 50,000 partner drivers.

Bolt’s investment will focus on three areas: the creation of a Driver Hub in Saint-Ouen, driver training through the Bolt Academy, and the acquisition of low-emission vehicles. This hub will serve as a support center for 25,000 drivers per year, the Academy will emphasize diversity and inclusion, and a significant portion of the funds will be dedicated to hybrid and electric vehicles.

If you also wish to invest in France, do not hesitate to use the services of the future France-International Chamber of Commerce in Estonia, which offers qualified contacts to facilitate your endeavours.



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