Siemens backs €108m funding for Skeleton SuperBattery
Supercapacitor pioneer Skeleton Technologies has raised €108m to accelerate the development of its next generation products and finance the manufacturing expansion for supercapacitors its SuperBattery.
The E series funding round for Skeleton includes Siemens Financial Services (SFS) first time alongside Marubeni Corporation and existing investors. This brings the total raised by the Latvian company for its supercapacitor and superbattery technologies to over €300m.
Skeleton’s new factory in Markranstädt, Germany, is using digital automation equipment from Siemens and is scheduled to be completed at the end of 2024. This is expected to produce up to twelve million cells a year, 40 times more output than the company’s existing site in Großröhrsdorf, Germany.
- Siemens to supply world’s largest supercapacitor factory
- Fast charging battery deal for heavy duty vehicles
- Skeleton takes on Tesla after $218m Maxwell deal
“Siemens has a long-standing relationship with Skeleton, recently signing a cooperation agreement to digitize supercapacitors production with our Manufacturing Operations Management System. We’re pleased to deepen this partnership by investing in their expansion and the development of advanced battery technologies,” said Steffen Grosse, CEO of SFS’s Equity business.
“Our goal is to support innovative technologies for a sustainable future, and Skeleton aligns perfectly with this vision, having developed cutting-edge high-power, fast-charging technologies. Therefore, we are thrilled to invest in Skeleton and help building a robust battery ecosystem in Europe.“
The SuperBattery technology is slated for future mass production.
- Superbattery charges in 30s
- Strategic deal for Asian automotive market
- Marubeni looks to Skeleton for Asian battery gigafactory
Existing investors, including Marubeni, have also contributed to the investment round. The conglomerate, which includes Warren Buffet’s Berkshire Hathaway as a significant shareholder, distributes Skeleton’s products in Asia and aids in acquiring customers for Skeleton’s SuperBattery in the region.
“Securing an investment from one of Europe’s largest tech companies is a significant milestone for Skeleton. In addition to SFS’ investment, Siemens is also a key partner, supplier, and customer. Their expertise in industrialisation and commercial partnerships will propel our growth and solidify our role in leading the energy transition,” said Taavi Madiberk, CEO and co-founder of Skeleton.
Skeleton Technologies also develops and produces its own patented raw material called “Curved Graphene”. This provides higher levels of performance without the need for toxic metals and is produced at the Skeleton Materials facility in Bitterfeld-Wolfen, Germany, using locally sourced materials which are widely accessible and abundant in Europe.
The development and production of substitute materials are critical to reducing mineral intensity of clean technologies and this has led Brazilian mining giant CBMM has made its inaugural investment in Skeleton as part of the round.
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