European Batteries

In 2003, a company called European Batteries was founded in Finland with a pioneering vision. It set out to develop and manufacture large, rechargeable lithium-ion batteries for industries like transportation and energy storage. The company made a significant move by opening a factory in Varkaus, Finland, becoming the first to produce Lithium Iron Phosphate (LFP) batteries in Europe, a technology known for its stability and long life. The initial annual production capacity was 100 MWh, enough for about 3,000 electric cars, with plans for expansion. By 2011, European Batteries secured a major Series A funding round of $15.6 million from investors including Tesi and VNT Management. This capital was intended to fuel its growth and solidify its position in the nascent European battery market. The company employed between 51 and 200 people and was seen as a key player in Europe's push for battery independence. However, the ambitious journey took a difficult turn. Despite its early start and significant investment, European Batteries eventually faced financial hardship and filed for bankruptcy. The specific reasons for the decline are not detailed, but the competitive and capital-intensive nature of the battery industry likely played a role. In May 2023, the story of its assets continued when Skeleton Technologies, an Estonian energy storage company, acquired the bankrupt estate of European Batteries. Skeleton took over the Varkaus plant to accelerate the development of its own battery products. This acquisition marked the end of European Batteries as an independent entity but ensured its pioneering facilities would have a future, integrated into the strategy of another European energy technology firm.