Estonia-founded supercapacitor company Skeleton Technologies has raised €29 million in an extension of its Series D round, bringing its total amount to €70.4 million. The extension comes from Skeleton’s existing backers, including Marubeni Corporation, MM Grupp, Harju Elekter, as well as “European industrial investors and a group of entrepreneurs that grew payments company Adyen from its inception to successful IPO,” the company stated in an announcement.

With its proprietary “curved graphene” technology, Skeleton has been working on supercapacitors since its launch in 2009. The company’s products are used in automotive, transportation, grid and industrial applications.

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.

Skeleton, however, is gearing up towards bringing to the market a new product, Superbatteries, which will sit something in between supercapacitors and traditional Li-Ion batteries.

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

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