Tallinn-based Skeleton Technologies, a company that manufactures and develops high energy and power density ultracapacitors, announced on Friday that it has raised another €37.6M in its Series D round of funding.
With this funding, the company has now raised over €200M in its Series D round – prior to this, it raised €29M in July 2021, and €41.3M in November 2020.
Investors of this round
The round was led by Wise co-founder Taavet Hinrikus from Taavet+Sten, joined by a group that included members of the founding team of Dutch fintech company Adyen, Benqt Wahlqvist, co-founder of battery charging specialist CTEK, Nidoco AB, and EIT InnoEnergy.
EIT InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), a body of the European Union.
Speaking on the development, Taavet Hinrikus says, “Skeleton Technologies’ supercapacitors can be charged in a matter of seconds and have 1 million charge cycles. This, coupled with high efficiency, has made them the supplier of choice for blue-chip companies from automotive to grid and industrial applications.”
Capital utilisation
The proceeds from this round will help the company to scale up the supercapacitor production in Saxony, Germany in order to meet customer demand. The funds will also be used to continue the development of new battery technologies based on curved graphene.
Taavi Madiberk, CEO and co-founder of Skeleton Technologies, says, “Although our focus is on scaling up, we continue to invest strongly into R&D. We believe that, to meet the Paris climate targets, additional fundamental innovation in energy storage is needed and this will be executed by deep tech companies.”
Madiberk adds, “As the battery and energy storage market is currently dominated by Asian companies, Europe has no choice but to step up and accelerate if it wants to claim the leadership in the key enabling technologies for the race to net zero. We must not only invest in the technologies that already work today but in the breakthrough innovations we need for many decades to come.”
About Skeleton Technologies
Founded in 2009 by Oliver Ahlberg and Taavi Madiberk, Skeleton Technologies is a manufacturer and developer of high energy and power density ultracapacitors based on patented curved graphene material. Through the use of patented nanoporous carbide-derived carbon, or ‘curved graphene’, they have achieved breakthroughs in ultracapacitor performance.
The company claims to deliver a high power, high energy, reliable, and long-life storage solutions across industries, including automotive, transportation, grid, and industrial applications. Its ultracapacitors deliver twice the energy density and four times the power density offered by other manufacturers.
By producing the ultracapacitor cells, modules, and systems, Skeleton Technologies aim to help companies to reduce CO2 emissions and save energy.
In a statement, the company mentions, “We work with some of the largest companies in the world – from European automotive companies, industrial equipment OEMs to truck fleet operators and aerospace prime contractors. Our products successfully in the field decrease CO2 emissions and fuel consumption, improve power quality and protect infrastructure by lowering the power fluctuation, and empower wider electrification to fight climate change.”
With a workforce of more than 260 team members, Skeleton Technologies Group has four main locations for its operations: its manufacturing in Großröhrsdorf, Saxony; sales in Berlin; materials development in Bitterfeld-Wolfen, Saxony-Anhalt, Germany; and electrical engineering in Tallinn, Estonia.
