The EIB loan comes under the European Fund for Strategic Investments (EFSI).
The EFSI-backed financing will allow the company to finance the R&D for the further development of its products and systems.
“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,” says Skeleton CEO Taavi Madiberk, “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.”
Skeleton has now raised €41.7 million in funding.
The new money allows Skeleton to invest heavily in manufacturing and R&D. It plans to invest in a new electrode manufacturing plant near Dresden.