Skeleton Technologies raises €41.3m

Skeleton Technologies raises €41.3m

Business news |
By Nick Flaherty

This brings the total investment in Skelton Technologies to over €93m ($109m) for its graphene-based technology.

New investors include leading European industrial investors and a group of entrepreneurs that grew payments company Adyen from its inception to successful IPO, and all the existing investors participated. This includes EIT InnoEnergy, which is an early investor in European gigafactory startup Northvolt, as well as FirstFloor Capital, MM Grupp and Harju Elekter.

The company expects to triple its revenue this year, with a total contract backlog is currently over €150m from leading blue chip automotive and grid companies. Started in Tallinn, Estonia, the company now has a major production plant at its headquarters in Großröhrsdorf, Saxony, Germany, with materials development in Bitterfeld-Wolfen, Saxony-Anhalt. 

“The momentum for energy transition and decarbonization of the economy is stronger than ever. I am proud to see that our investors strongly believe in our vision and we now have new world-class mix of industrial companies and experienced startup leadership behind us. Their experience will now help us scale and aggressively grow. We have the right products to capture a dominant market share in the ultracapacitor industry globally,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies.   

“The green transformation of Europe’s economy – from transportation to process industries – is unthinkable without innovative energy storage solutions. Therefore, it is of utmost strategic importance to help build European champions in this arena. Hence, our decision to invest in Northvolt back in its very early days. Skeleton, with its world-leading and broadly applicable ultracapacitor technology, has all it takes to become another one of those European champions, and we are proud to continue and extend our support for them,” said Diego Pavia, CEO of EIT InnoEnergy.     

The company acquired major new clients in the last months, including a world leader in renewable energy production and a leading hydrogen bus manufacturer. 

“With our background in tech, experience with hyper growth in all its aspects, and one of the most successful exits in Europe, we feel a great match with the ambitious and talented management team of this upcoming European powerhouse that has the full potential to play a key role in the energy transition and catalyze the application of green and sustainable solutions. We are very proud to be part of Skeleton Technologies,” said the spokesperson for the group of Dutch entrepreneurs and Adyen alumni that joined the round.  

“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,” said Madiberk.

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