Estonian Battery-Maker Plans US IPO After AI Data Center Pivot

Estonia’s Skeleton Technologies plans an initial public offering in the US next year after its latest funding round, as the specialized battery-maker refocuses its business on the booming AI data center market.

Tallinn-based Skeleton closed a €31 million ($36 million) round backed by Taiwania Capital, Taiwan’s biggest venture capital firm, as well as two other undisclosed investors. That brought Skeleton’s total venture capital funding to €390 million, Chief Executive Officer Taavi Madiberk said on Tuesday, without giving a valuation.