Supercapacitor maker Skeleton Technologies charges up with an additional €37.6 million

Supercapacitor maker Skeleton Technologies charges up with an additional €37.6 million

Estonia-founded supercapacitor company Skeleton Technologies has raised €37.6 million in (another) extension of its Series D round, now charging the total amperage to a total amount of €108 million. The round was led by Wise co-founder Taavet Hinrikus of Taavet+Sten, and the new voltage will continue to power Skeleton’s scaling up of its curved graphene-based supercapacitor production in Saxony, Germany. In total, the deep tech company has now raised over ​​€200 million.

"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," commented CEO and co-founder Taavi Madiberk. “Although our focus is on scaling up, we continue to invest strongly into R&D.”

Although also used in EVs, supercapacitors are not the same as batteries, since the former store energy in an electric field while the latter use a chemical reaction. The usual task of a (super)capacitor is to provide many — a million or more — rapid charge/discharge cycles rather than long-term energy storage. In so much, the firm has is rapidly becoming the de facto choice for a number of blue-chip companies in the automotive, energy grid, and industrial applications sectors.

“I am convinced that the next generation of battery technologies – the ones that will allow us to achieve our climate goals – will be enabled by materials innovation. Skeleton’s team has a proven track record of bringing R&D to real-life products, which is why investing in the company was an obvious choice for me,” commented investor Taavet Hinrikus.

In addition to Hinrikus’ investment via Taavet+Sten, Nidoco AB, EIT Innoenergy, Bengt Wahlqvist, and a group of founding team members of Adyen also joined the “D3” round.

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