Primus has advised Skeleton Technologies on a EUR 15 million "quasi equity" financing from the European Investment Bank. The EIB loan is guaranteed under the European Fund for Strategic Investments.
Primus describes Skeleton Technologies as "Europe’s leading producer of ultracapacitors and ultracapacitor based energy storage solutions built with graphene-type materials."
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. According to Primus, "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."
The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2016, the EIB provided Estonian projects with loans totaling EUR 430 million.
The Primus team was led by Special Counsel Toomas Kasesalu and Partner Ermo Kosk.
Image Source: skeletontech.com