Siena Secondary Fund acquired a stake in Estonian Skeleton Technologies

Siena Secondary Fund acquired a 0.55% stake in the Estonian developer of supercapacitors (fast-charging batteries) Skeleton Technologies. 0.46% - through Siena Secondary Fund I and 0,09% -through Siena Secondary Fund Co-Invest III. Also, Estonian entrepreneur and a board member of the bank LHV Pank Heldur Meerits acquired 0,18% of Skeleton through his company Malinska.

With this deal, Estonian entrepreneur Aivar Linnamäe sold 0,73% of the shares through his company Aifal. He currently owns 5,35% of Skeleton Technologies.

According to one of Skeleton’s shareholders Harju Elekter, the market value of Skeleton is €560M. Based on this price, Siena Secondary Fund could buy the stake for about €3.1M. 

Founded in Tallinn in 2009 by Taavi Madiberk and Oliver Ahlberg, Skeleton Technologies manufactures supercapacitors, also known as ultracapacitors. They have high power density, fast charging and discharging, extreme temperature tolerance, and a lifetime of more than 1M charge-discharge cycles. The company developed a carbon nanomaterial curved graphene to manufacture supercapacitors and superbatteries. This material gives them power and energy density. Supercapacitors can be used for automotive, transportation, grid, renewable energy, and industrial applications. For instance, to power trams or industrial machinery, as well as in combination with batteries.

Recently, it was announced that Skeleton Technologies raised €108M in equity investment and debt from Siemens Financial Services, Japanese general trading company Marubeni Corporation, Estonian investment company MM Grupp, owned by Aivar Linnamae's brother Margus Linnamäe, and Brazilian mining company CBMM. 

Siena Secondary Fund, an investment fund founded in early 2021, focuses on secondary market transactions with rapid growth in late-stage startups, providing liquidity to early investors, employees, and founders. The fund plans to raise €30M- €50M to establish a new fund. It will invest in post-series A startups from the New Nordic and the CEE regions.