This Estonian cleantech startup claims its ultracapacitors have four times the power density of Tesla’s; raises €41.3M

The interest in electric vehicles (EV) has been growing steadily among politicians, researchers, and consumers for sustainable transportation considering its zero-emission and green technology factor. Apart from batteries, various other power sources are being used in EV development, such as fuel cells (FCs), and ultracapacitors (UCs). 

Ultracapacitors

Well, batteries and Fuel Cells (FCs) offer large amounts of energy but they are less convenient due to their slow time constants. The UCs, on the other hand, have larger power density and present a higher number of charge/discharge cycles with respect to batteries. 

Skeleton Technologies raised €41.3M

In this regard, Skeleton Technologies is one of Europe’s largest manufacturers of ultracapacitor-based energy storage in automotive, transportation, grid, and industrial applications. Recently, the Tallinn-based startup secured a €41.3M in Series D financing round, bringing its total capital raised to over €93M. 

Who backed Skeleton Technologies?

The investment round was led by both new and existing investors including entrepreneurs that grew payments company Adyen, EIT InnoEnergy, MM Grupp, and Harju Elekter. In fact, this investment is in the top five funding rounds for the cleantech sector in the EU this year and will further accelerate Skeleton Technologies’ growth.

“The green transformation of Europe’s economy – from transportation to processing industries – is unthinkable without innovative energy storage solutions. Therefore, it is of utmost strategic importance to help build European champions in this arena. Hence, our decision to invest in Northvolt back in its very early days. Skeleton, with its world-leading and broadly applicable ultracapacitor technology, has all it takes to become another one of those European champions, and we are proud to continue and extend our support for them”, says Diego Pavia, CEO of EIT InnoEnergy.

High energy and power density ultracapacitors

The Estonian startup develops and manufactures high energy and power density ultracapacitors based on patented curved graphene material. As per the company, they deliver high power, high energy, reliable, and long-life storage solutions across the industry. 

Taavi Madiberk , CEO and cofounder of Skeleton Technologies, says, “The roadmap to zero emissions needs innovation and a mix of enabling technologies. Ultracapacitors are a key enabler for lowering emissions – we are not competing with lithium-ion batteries and hydrogen fuel cells; we are complementary in improving performance and lowering cost. Our ultracapacitors have four times the power density of Tesla’s.”

Commercial backlog over €150M

Right now, Skeleton Technologies’ current customer base includes global engineering companies, the European Space Agency, and several Tier 1 automotive manufacturers.

Last month, the company acquired major new clients including a world leader in renewable energy production and a leading hydrogen bus manufacturer. The total commercial backlog is currently over €150M. It claims to have witnessed three-fold revenue growth for the second year in a row. 

Skeleton Technologies Group has three main locations: its manufacturing in Großröhrsdorf, Saxony, Germany, materials development in Bitterfeld-Wolfen, Saxony-Anhalt, and electrical engineering in Tallinn, Estonia.

Image credits: Skeleton Technologies