Tallinn-based Skeleton Technologies, a company that manufactures and develops high-energy and power-density ultracapacitors, announced on Friday, October 13, that it has secured €108M in a fresh round of funding.
The investment came from Siemens Financial Services (SFS), existing investor Marubeni Corporation, and Brazilian mining giant CBMM, which made its inaugural investment.
The conglomerate, which includes Warren Buffet’s Berkshire Hathaway, distributes Skeleton’s products in Asia and helps acquire customers for Skeleton’s SuperBattery in the region.
The companies have also partnered to automate and digitise Skeleton’s upcoming factory in Leipzig, Germany.
Steffen Grosse, CEO of Equity Finance at SFS, says, “Siemens has a long-standing relationship with Skeleton, recently signing a cooperation agreement to digitise supercapacitors production with our Manufacturing Operations Management System.”
“We’re pleased to deepen this partnership by investing in their expansion and the development of advanced battery technologies,” adds Grosse.
Our goal is to support innovative technologies for a sustainable future, and Skeleton aligns perfectly with this vision, having developed cutting-edge high-power, fast-charging technologies. Therefore, we are thrilled to invest in Skeleton and help build a robust battery ecosystem in Europe,” adds Grosse.
The high-power energy storage company
Founded in 2009 by Oliver Ahlberg and Taavi Madiberk, Skeleton Technologies specialises in manufacturing high-energy and power-density ultracapacitors using a patented curved graphene material.
These ultracapacitors, also known as electric double-layer capacitors (EDLC), have low internal resistance, enabling quick charge and discharge at high currents, with high safety levels and a long service life of up to one million charge/discharge cycles.
Skeleton Technologies’ use of nanoporous carbide-derived carbon, or ‘Curved Graphene’, has led to breakthroughs in ultracapacitor performance. Curved Graphene was developed in Skeleton Materials’ facility in Bitterfeld-Wolfen, Germany, using locally sourced materials which are widely accessible and abundant in Europe.
The company serves various markets, including grid, transportation, and industrial applications, offering ultracapacitors that provide four times the power density and double the energy density compared to products from other manufacturers.
What is SuperBattery?
Skeleton Technologies has developed the SuperBattery, a technology combining the advantages of batteries and supercapacitors.
With 50,000 life cycles and a charging rate 100 times faster than lithium-ion batteries, it is also safe, eco-friendly, and emits less CO2 during production and disposal, says Skeleton.
Skeleton is building a mass-production factory, set to start operations in 2024, to meet the growing demand and replace traditional batteries.
SuperBatteries find applications in various sectors, including electric vehicles and charging infrastructure, offering reduced CO2 emissions and lower costs in challenging industries like mining and off-road equipment.
Capital utilisation
Skeleton Technologies says it will use the funds to accelerate the development of next-generation products and expand manufacturing for supercapacitors and their new high-power battery technology, the SuperBattery.
Taavi Madiberk says, “Securing an investment from one of Europe’s largest tech companies is a significant milestone for Skeleton. In addition to SFS’ investment, Siemens is also a key partner, supplier, and customer.”
“Their expertise in industrialisation and commercial partnerships will propel our growth and solidify our role in leading the energy transition,” adds Madiberk.
The Leipzig factory
Skeleton Technologies is expanding its supercapacitor manufacturing with a new factory near Leipzig in collaboration with Siemens, set to be completed by the end of 2024.
The factory will have a higher output than the company’s existing site in Großröhrsdorf, Germany, producing up to 12 million cells annually. Concurrently, Skeleton is developing its SuperBattery technology for future mass production.
With the recent Round E1 funding, the company’s total funding has surpassed €300M, positioning it among Europe’s leading deep tech firms.
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