European ultracapacitor leader Skeleton Technologies completed a €41.3-million (US$48.4 million) Series D financing round. Total capital raised to date is more than €93 million ($109 million). UBS acted as a financial advisor to the company.

All existing investors participated in the equity raise and were joined by notable European entrepreneurs and international investors.

This Series D financing builds on a strong year for Skeleton Technologies, which saw a tripling of its revenues. This follows a similar growth in 2019.

The company acquired major new clients in the last months, including a world leader in renewable energy production and a leading hydrogen bus manufacturer. The total commercial backlog is currently more than €150 million (US$176 million).

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. The clear competitive advantage is not only proven by our blue chip customer base ranging from German automotive to leading truck OEMs, grid integrators to the European Space Agency, but also by an independent study backed by the US Office of Naval Research and we have a clear roadmap to further increase our competitive advantage and increase both the energy and the power density of our products.

—Taavi Madiberk, CEO and co-founder of Skeleton Technologies

Ellex Raidla acted as legal advisors to Skeleton Technologies.