Bautzen, Germany, August 15, 2014 -- Skeleton Technologies, the leading European developer and manufacturer of ultracapacitors, with a manufacturing unit in Bautzen, Germany and the R&D and pilot unit in Viimsi, Estonia, has appointed Mr. Indrek Kaldoja to serve as Chief Financial Officer of Skeleton Technologies.

Skeleton Technologies’ CEO Mr. Taavi Madiberk: "We are excited to have Indrek on board to support our rapid growth. As a former investment banker and a company turn-around consultant he has outstanding experience in capital raising and operational excellence for sustainable growth. In the near term we are working with Indrek to set-up our new highly automatized manufacturing plant in Saxony, Germany to ensure a highly competitive cost-structure for the revenue ramp-up period and hence securing our position as the leading ultracapacitor manufacturer in Europe."

Mr. Indrek Kaldoja added that "Ultracapacitors, with their rapid market growth, present a multi-billion opportunity by the end of the decade. Skeleton Technologies has cutting-edge proprietary technology and high-profile customers, ranging from European Space Agency to leading players in the transportation industry, which gives the company an excellent foothold in the industry. I am excited to be an integral part of transforming this technology start-up company to a global industry leader."

Mr. Indrek Kaldoja is a financial industry professional and investment banker, whose prior experience includes managing Luxembourg-based Hansa Private Equity Partners S.a.rl., serving as partner at financial advisory company Essentia Capital and being a fund manager at Swedbank Investment Funds. Mr. Kaldoja earned an MA degree (cum laude) in Entrepreneurship and Technology Management from University of Tartu and he is currently pursuing a PhD in Tallinn University of Technology.

About Skeleton Technologies

Skeleton Technologies is the leading European developer and manufacturer of ultracapacitor cells, modules and engineering solutions for energy efficiency in transportation, industrial, renewable energy, defence and space applications.

Skeleton Technologies manufactures SkelCap™ ultracapacitor cells, SkelMod™ modules. SkelCap™ ultracapacitor cells are available in ranges from 250F to 3500F.

Skeleton Technologies is located in Bautzen, Germany and Viimsi, Estonia. The company employs 28 people and is rapidly growing.