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's activity report 2022

Company

Skeleton Technologies OÜ ("ST") is a company registered in Estonia and its main activity is the development, sale and provision of other supporting functions of energy storage modules and software

for companies belonging to Skeleton Technologies Group OÜ ("STG").

STG operates in Germany and Estonia and has four subsidiaries: Skeleton Technologies OÜ, Skeleton

Materials GmbH, Skeleton Technologies GmbH and Skeleton Hybrid Power OÜ, which do not have active economic activity.

The parent company's main activity is the strategic management of group companies and intellectual property management.

The main goal of STG is to develop products that enable the reduction of CO2 emissions and the electrification of vehicles, electrical systems and various other machines and devices. STG is the only energy storage manufacturer that produces and develops both its own energy storage devices and its own raw material, which is called "curved graphene". Thanks to the use of this material, Skeleton's products do not depend on any rare metal.

Skeleton has two main product series - supercapacitors and SuperBattery batteries.

Supercapacitors have a high energy density - about a million cycles - and a fast charging and discharging time. Therefore, they are perfectly suitable from both a technical and economic point of view for applications that require fast charging or peak power for up to a couple of minutes. SuperBattery batteries have a higher energy density than supercapacitors and are best suited for longer-term applications where charging or peak power is needed for up to 45 minutes.

STG's technology portfolio is very well suited for high-power applications, as current market alternatives are relatively inefficient due to charging time, efficiency, lifespan, low power density and overload impact. STG solutions are used in many industries, but mainly in the automotive industry, transportation, power grid and renewable energy sector, and industrial segments.

Skeleton differs from its main competitors in that it covers the entire value chain from materials to systems, and in addition to hardware, it also offers its own developed software solution and protects its products with patents, with a total of six patent families.

There is a high demand for Skeleton's products, which cannot be met with current pilot production.

Therefore, STG is expanding its production capacity in Saxony (Germany) by more than an order of magnitude compared to the current production capacity. This allows for a significant reduction in costs thanks to a higher level of automation and associated product development automation. The expansion is partly funded by a 51 million euro grant from IPCEI, which is a European program to support the development of batteries and energy storage.

At the beginning of 2022, STG successfully completed capital raising in the D-round. STG is supported by clean technology investors, entrepreneurs and investment groups. Among the investors are InnoEnergy (leading

European clean technology investor), Global Portfolio Management (Spanish industrial investment company), MM Group (Estonian private investment company), Taavet Hinrikus (co-founder of Wise),

Marubeni (listed Japanese conglomerate) and Karl Erik Bengt Wahlqvist (founder of battery technology company CTEK).

Significant events of 2022

The average number of company employees has increased in 2022 to 98 employees (2021: 71 employees). People working at ST are involved in module and software development, sales, finance and other administrative functions.

The main goal of STG in 2022 was to increase and strengthen relationships with its main customers by offering them quality products, plan and prepare for the expansion of supercapacitor production, and fully develop and market its new SuperBattery battery product line.