Harju Elekter
AS Harju Elekter acquired a 10% holding in the ultracapacitors’ manufacturer Skeleton Technologies Group OÜ.

Harju Elekter 

03.06.2015 08:00

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Estonia, 2015-06-03 08:00 CEST (GLOBE NEWSWIRE) -- At its 2 June 2015 meeting,
the Supervisory Board of AS Harju Elekter decided to approve a strategic
investment in Skeleton Technologies Group OÜ, a company developing and
manufacturing ultracapacitors, by acquiring a 10% holding in the company.
According to the agreement and based on the fact that the transaction is not
relevant for the purpose of the Stock Exchange Rules, the parties will not
disclose the value of the transaction. 

AS Harju Elekter sees the attractiveness of the given innovative investment in
both, an increase of its value as well as the possible participation of the
company in the development, production and use of the modular systems of
ultra-capacitors in the management and switching systems. 

Over the last 8 years, the market of ultracapacitors has increased 30% per year
and the respective storage and switching solutions are in the focus in terms of
both their energy efficiency as well as renewable energy developments.
Ultracapacitors are environmentally-friendly and cost-efficient energy storage
devices, which are suitable for storing and discharging large amounts of energy
in a short period of time. Ultracapacitors can survive more than a million
charge and discharge cycles at the temperatures from -40 °C to +65 °C and can
achieve the power density of an above 60 kW/kg, which exceeds several times the
power of batteries. 

Skeleton started to develop the production of ultracapacitors, devised and
patented by the Estonian scientists, in 2009 and has reached a technological
level, which enables to hold notably more power in smaller dimensions compared
to the products offered at the market. The technology is protected with 5
patent families, covering the entire product, starting from the materials used
up to the manufacturing technology. Skeleton's customer portfolio includes
several leading automotive companies, developers of electric energy and
renewable energy solutions as well as the European Space Agency. 

Harju Elekter is the leading MV/LV electrical and engineering devices producer
in the Baltic States as well as well-known and respected company in
Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment
in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%),
Satmatic Oy (100%), Finnkumu Oy (100%) and Rifas UAB (100%), as well as the
telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in
Estonia. In addition, AS Harju Elekter has financial investments in the Latvian
electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish
publicly listed company PKC Group Oyj (5%). 

The transaction does not constitute a transaction between related parties
within the meaning of NASDAQ Tallinn's Rules and Regulations. 


Andres Allikmäe
Managing Director/CEO
+372 674 7400

Additional information: Andres Allikmäe, Managing Director of AS Harju Elekter;
Endel Palla, Chairman of the Supervisory Board (+372 674 7400). 



Prepared by:
Moonika Vetevool
Corporate communication and investor relations manager
+372 671 2761
News Source: NASDAQ OMX



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Language:     English
Company:      Harju Elekter
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100004250
WKN:          
 
End of Announcement                             DGAP News-Service
 
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