Skeleton adds €29m for fast charging battery production

Skeleton adds €29m for fast charging battery production

Business news |
By Nick Flaherty

Skeleton Technologies has raised €29m in the last few months to bring the total for its latest round to €70.4m. The funding will be used to scale up production of its curved graphene-based ultracapacitors and fast-charging battery.

The €29m comes from strategic partner Marubeni, a group of alumni from payments company alumni, and several European industrial financiers. Existing backers MM Grupp and Harju Elekter also participated.

This follows the announcement of €51 million in funding by Germany’s Federal Ministry for Economic Affairs and Energy (BMWi) and the Free State of Saxony announced in March 2021, bringing the total capital raised in the last twelve months to over €120m for the company.

Overall the company has raised over €167m according to Crunchbase.

“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,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies,

“The company is backed by leading industrial investors from Marubeni and InnoEnergy to the founders of Adyen. Most of the investors who joined the company at the end of last year not only participated in the round but wanted to increase their stake in the company. It is a great proof of trust generated by the good progress all these investors have seen over the last six months since becoming shareholders.”

“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,” he said. “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,”

Skeleton Technologies Group has three main locations with manufacturing in Großröhrsdorf, Saxony, Germany, materials development in Bitterfeld-Wolfen, Saxony-Anhalt and electrical engineering in Tallinn, Estonia, and now has over 200 staff.

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