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European cleantech company Skeleton Technologies raises €41.3 million to support its fast growth

Grossröhrsdorf, Germany: Saxony-based Skeleton Technologies –  the largest European manufacturer of ultracapacitor-based energy storage – announced today it has completed a €41.3 million financing round. Current strategic investors, including EIT InnoEnergy, FirstFloor Capital, UP Invest and Harju Elekter, led the equity raise and were joined by European private investors.

Taavi Madiberk, CEO and co-founder of Skeleton Technologies, stated: “Climate change is the most pressing issue for the coming decades and the momentum for energy transition and decarbonization of the economy is now stronger than ever. I am proud to see that our investors strongly believe in our vision and we now have new world-class partners behind us. Their support is a clear sign of where the markets are heading, and their experience will now help us scale and become one of Europe’s most successful cleantech companies.”

Bo Normark, Industrial Strategy Executive EIT InnoEnergy: “Energy storage is key for the transformation of the power, industry and transport sectors. Ultracapacitors and Lithium-ion batteries are two of the key technologies. With our investments in Northvolt and Skeleton, we are confident that we are fulfilling our mission to support the most innovative and interesting European companies  in the sustainable area.

This Series D financing brings Skeleton’s total funding to over €93 million since its inception and will help the company aggressively pursue its growth strategy as well as accelerate product development. It builds on a strong year for Skeleton Technologies, which saw appointments of key executives, and, supported by the market momentum in the energy storage industry, a forecasted tripling of its revenues. This follows similar growth in 2019.

Taavi Madiberk added: “Over the last few years, the world has witnessed remarkable growth in demand for energy storage solutions driven by the move towards electrification. Our technology already beats our rivals’ and, fueled by this fresh investment, we aim to capture a dominant market share in the ultracapacitor industry globally.”

Skeleton has recently signed a €1 billion letter of intent with a leading automotive manufacturer and acquired major new clients in the last months, including a world leader in renewable energy production and a leading hydrogen bus manufacturer. It also released its next-generation high energy ultracapacitors, an improved version of its existing ultracapacitors combining the highest power density in the market with an energy density 2 times higher than the most advanced cells available on the market to-date.

UBS Wealth Management acts as financial advisors and Ellex Raidla act as legal advisors to Skeleton Technologies.

About Skeleton Technologies

Skeleton Technologies is the global technology leader in ultracapacitor energy storage in automotive, transportation, grid and industrial applications.

For us, developing and producing the best ultracapacitor cells, modules, and systems in the world is means to an end: helping companies to reduce CO2 emissions and save energy

We work with some of the largest companies in the world – from leading Tier One automotive firms and industrial equipment OEMs to truck fleet operators and aerospace prime contractors – to decrease CO2 emissions and fuel consumption, to improve power quality and protect equipment and infrastructure from power peaks, and to power electrification to fight climate change.

Our ultracapacitors, based on patented “curved graphene”, represent the biggest technological advancement in the industry in the last 20 years and the use of this innovative material provides our products with an unparalleled advantage in power and energy density.

Skeleton Technologies Group has three main locations: its manufacturing inGroßröhrsdorf, Saxony, Germany, materials development in Bitterfeld-Wolfen, Saxony-Anhalt and electrical engineering in Tallinn, Estonia. From its foundation in 2009, the company has grown from 4 to more than 140 people.