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Ultracapacitor manufacturer Skeleton Technologies raises €3.9M (US$5.2 M) in Round A financing (corrected by mfr)

31 July 2014

Skeleton Technologies, a manufacturer of high power- and energy-density ultracapacitors (earlier post) has completed Round A financing of €3.9 million (US$5.4 million). The financing will be used for production scale-up and product development in addition to sales and marketing efforts. The total Round A financing, led by Estonian venture capital investor UP Invest AS includes the first financing tranche of €2.2 million announced in April 2013.

Our products have four times higher power density (80Wh/L kW/L), and almost double the energy density (14Wh/L) compared to current industry standards.

—Skeleton Technologies CEO Mr Taavi Madiberk

The company’s customer list already includes the European Space Agency (ESA) and several automotive Tier 1 suppliers.

In a market dominated by US and East Asian competitors such as Maxwell Technologies and Nippon Chemi-Con, Skeleton Technologies plans to focus sales and marketing efforts on the European market with an emphasis on Germany.

We are already the largest ultracapacitor manufacturer in Europe and this financing round will enable Skeleton Technologies GmbH to follow through with plans to build ultracapacitor manufacturing plants in Bautzen and Radeburg in Saxony, Germany. The total planned investment will be €13.6 million, supported by the Saxonian Development Bank.

—Taavi Madiberk

Skeleton Technologies manufactures SkelCap ultracapacitor cells, SkelMod modules. SkelCap ultracapacitor cells are available in ranges from 250F to 3500F.

Skeleton Technologies is located in Bautzen, Germany and Viimsi, Estonia. The company employs 28.

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