Friday, May 20, 2022

Estonia’s Skeleton Technologies raises $42m

Estonian ultracapacitor manufacturer Skeleton Technologies has raised a further €37.6 million ( approx $42m USD) from investors in its latest funding round. The D3 round brings total investment in Skeleton to over 200 million euros ( approx $224m USD)

Among other things, the company plans to use the fresh capital to scale its production of ultracapacitors in Saxony, Germany. The plant was originally announced in 2017, with plans to produce 4 million ultracapacitors per year. An initial investment of €6.2 million euro was made for the plant, however, the number has grown significantly since then.

Skeleton Technologies has been steadily growing and investing in their supercapacitor business, with the most recent financing round bringing in €29 million in summer 2021. The Estonian company maintains relationships with investors from as far off as Japan, and is a part of the European battery IPCEI. However, despite all Skeleton Technologies has accomplished, their sights remain set on growth.

“This new funding is one of the milestones allowing us to execute our long-term strategy and not to lose any speed in scaling up our manufacturing to service the rapidly growing customer demand…Although our focus is on scaling up, we continue to invest strongly into R&D. We firmly believe that, to meet the Paris climate targets, additional fundamental innovation in energy storage is needed and this will be executed by deep tech companies.”

Taavi Madiberk, CEO and co-founder of Skeleton Technologies
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