Harju Elekter Group to divest part of its holding in Skeleton Technologies Group OÜ

The Supervisory Board of AS Harju Elekter Group has decided to accept an offer made by Siemens International Holding B.V. for the partial sale of Harju Elekter’s shareholding in Skeleton Technologies Group OÜ. The transaction value is EUR 5.7 million and is expected to be completed during the current year.

Harju Elekter first invested in Skeleton in 2015, recognising both the company’s long-term growth potential and the strategic opportunities for collaboration in the development and application of energy storage and supercapacitor technologies. Since then, Skeleton has grown into one of Europe’s leading developers of energy storage technologies.

The transaction enables Harju Elekter to realise part of the increase in the value of its holding and fully recover its initial investment with a moderate return, while strengthening the Group’s financial flexibility and supporting future investment and growth opportunities as well as dividend-paying capacity. Since acquiring the holding, Harju Elekter has sought to realise the investment at an appropriate time and under suitable conditions, and the Management Board believes that this transaction represents a good opportunity to partially achieve that objective. Following the partial disposal of its holding, Harju Elekter will remain a shareholder in Skeleton but sees the possibility of fully exiting the investment during 2028, subject to suitable opportunities and conditions.

The transaction is not considered a transaction of significant importance, nor is it regarded as a transaction with related persons under the “Requirements for Issuers” section of the NASDAQ Tallinn Stock Exchange Rules. The members of the Supervisory Board and the Management Board of AS Harju Elekter Group have no personal interest in the transaction in any other way.

Siemens AG (Berlin and Munich) is one of the world's leading technology companies, operating in the fields of industry, infrastructure, mobility, and healthcare, with a focus on developing solutions that support digitalization, automation, and sustainability.

Harju Elekter is an international industrial group with extensive experience in providing future proof solutions for electrical power distribution. We engineer, manufacture, and install electrification solutions for utilities, industries, infrastructure, public and commercial buildings. The entities of Harju Elekter Group in Estonia, Finland, Sweden, and Lithuania employ around 840 people, and the Group’s revenue in 2026 was 77.2 million euros.

Tiit Atso
Chairman of the Management Board
Tel +372 674 7400