Ultracapacitor company Skeleton Technologies (earlier post) closed Series B financing of €9.8 million ($10.7 million) from a consortium led by a strategic investor in the electrical equipment sector, Harju Elekter Group, which owns electrical equipment manufacturing plants in the Nordic-Baltic markets, and UP Invest, one of largest investment firms in the Baltic region.
Skeleton Technologies plans to use the funds for ramping up production of their graphene-based ultracapacitors to meet the strong demand for electrical engineering applications from a growing customer base, including hybrid truck manufacturers, Tier 1 suppliers and grid-scale energy storage companies. Last month, Skeleton Technologies announced a deal with the European Space Agency to send ultracapacitors into orbit for the first time in the European space program.
We are convinced that ultracapacitor-based solutions will increasingly be used in electrotechnical and manufacturing automation applications for energy storage, control and high-power fast switching. Our participation in this field gives us the ability to cooperate in potential future applications and also creates a synergy in participating in the development of ultracapacitor modules.—Andrus Allikmäe, Harju Elekter Group CEO
Skeleton Technologies uses a patented material synthesized from inorganic compounds that has curved graphene layers allowing for better conductivity and higher surface area. This material has allowed the young company to quickly achieve breakthroughs in product performance, delivering twice the energy density and up to 5 times the power density of competitors’ products.
Skeleton’s SkelCap high power density ultracapacitors provide up to 60 kW/kg and 101 kW/L; a low ESR of 0,12 mOhm minimizes overheating issues.
Based in Estonia and Germany, Skeleton Technologies currently has 42 employees and plans to increase the headcount with a focus on expanding the mid-scale Estonian manufacturing facilities and acceleration plans for mass manufacturing in Saxony, Germany. Skeleton Technologies has now raised a total of €13.7 million.