Estonian-founded ultracapacitor producer Skeleton raises €41.3 million in an equity round

Estonian-founded ultracapacitor producer Skeleton Technologies completed a €41.3 million financing round; all existing investors participated in the equity raise and were joined by European entrepreneurs and international investors.

This series D financing brings Skeleton’s total funding to over €93 million since its inception.

“It builds on a strong year for Skeleton Technologies, which saw a tripling of its revenues,” the company said in a statement, adding that it acquired major new clients in the last months, “including a world leader in renewable energy production and a leading hydrogen bus manufacturer”.

“The momentum for energy transition and decarbonisation 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,” Taavi Madiberk, the CEO and a co-founder of Skeleton, said.

“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.”

“Four times the power density of Tesla’s”

According to the company, its ultracapacitors “have four times the power density of Tesla’s”, adding that the company’s competitive advantage is backed by “an independent study by the US Office of Naval Research”.

Skeleton Technologies is to supply ultracapacitor systems to Škoda Electric for 114 trams that will be used in the towns of Mannheim, Heidelberg and Ludwigshafen in Germany.

Skeleton has three main locations: its manufacturing in Großröhrsdorf, Saxony, Germany; materials development in Bitterfeld-Wolfen, Saxony-Anhalt, Germany; and electrical engineering in Tallinn, Estonia.

From its foundation in 2009, the company has grown from four to more than 140 people.

Cover: Skeleton’s founders Taavi Madiberk and Oliver Ahlberg.

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