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Ultracap-maker Skeleton Technologies closes additional €29M, bringing D round to €70.4M

Ultracapacitor developer and manufacturer Skeleton Technologies closed a further €29 million in its Series D financing. The total financing in Round D now amounts to €70.4 million.

Several early backers of the company such as MM Grupp and Harju Elekter and more recent ones including European industrial investors and a group of entrepreneurs that grew payments company Adyen from its inception to successful IPO have decided to increase their stakes in the company, following Skeleton’s recent successes in sales and in the development of its next-generation graphene-based products.

Skeleton is growing fast and preparing for the next stage in the company’s lifecycle, that will include a significant scaling up of our operations, supported by strong growth in customer demand.

Unlike Tesla, Panasonic, or LG who use similar raw materials and compete in engineering, Skeleton has taken an alternative approach and has focused on vertical integration based on our proprietary curved graphene material. In terms of commercialization, we have started with a relatively niche market of supercapacitors and are now moving to Superbatteries, covering the high efficiency, high power niche of the battery market. As the next step of our strategy, we aim at merging the long lifetime, fast charging supercapacitors and high energy, long-duration battery technology, to allow to offer a more competitive long range EV battery than currently on the market or in the development pipeline.

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

This additional internal funding follows the initial €41.3-million close in Series D financing round completed in November 2020 and the €51-million funding from Germany’s Federal Ministry for Economic Affairs and Energy (BMWi) and the Free State of Saxony announced in March 2021 and brings Skeleton’s total capital raised in the preceding twelve months to €121.3 million.

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. From its foundation in 2009, Skeleton has grown from 4 to close to 200 people working for the company.

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