Siemens backs Skeleton, but Estonia’s gains depend on local development

Siemens will invest at least 100 million euros in Skeleton Technologies, but the economic benefit to Estonia will depend on how much of the company’s work remains there, ERR reports. Skeleton says the investment will help it expand in the US market.

Swedbank chief economist Tõnu Mertsina said most of the investment’s benefits would go abroad, including to Germany and the United States. Estonia could benefit through higher wages and tax revenue if technology development continues in the country, he said.

Doris Põld, chief executive of the Estonian Association of Information Technology and Telecommunications, said the deal is significant because a European company is partnering with an Estonian deep-tech business. She said it brings together Estonian deep technology, AI infrastructure and European energy technology, while supporting expansion into the US market.

Põld said the investment also sends a signal that European technology needs investment and can offer an alternative to US technology. Both she and Mertsina said the deal could encourage investment in Estonian technology companies. Mertsina said it showed that Estonia has companies capable of developing such technology.

Skeleton Technologies did not give an interview to ERR’s Aktuaalne kaamera on Thursday, saying the interview needed prior coordination with all its partners.