Skeleton Technologies, an Estonia-based manufacturer of ultracapacitor-based energy storage, raised €37.6 million (~$42.6 million) in a Series D funding round from a group of investors.
Including the latest round, the company has raised over €200 million (~$223 million) to date.
The Round D3 was led by Taavet Hinrikus, from Taavet+Sten with Nidoco AB, EIT Innoenergy, Bengt Wahlqvist, co-founder of battery charging specialist CTEK, a group of founding team members of Adyen and others joining the round.
“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,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies.
“Although our focus is on scaling up, we continue to invest strongly into R&D. We firmly believe that to meet the Paris climate targets, additional fundamental innovation in energy storage is needed, and deep tech companies will execute this,” he added.
According to the company, the investments will be used to scale up the supercapacitor production in Saxony, Germany, to meet customer demand and develop new battery technologies based on curved graphene.
“Skeleton Technologies’ supercapacitors can be charged in a matter of seconds and have 1 million charge cycles. This, coupled with high efficiency, has made them the supplier of choice for blue-chip companies from automotive to grid and industrial applications,” commented investor Taavet Hinrikus.
According to Mercom’s recently published Q4 2021 and Annual funding and M&A report for storage, grid, and efficiency, VC funding for battery storage companies totaled $8.8 billion, compared to $1.6 billion in 2020, a 470% increase year over year.
In January 2020, Skeleton Technologies raised €41.3 million (~$48.5 million) in a Series D financing round from EIT InnoEnergy, MM Grupp, FirstFloor Capital, Harju Elekter, and a group of entrepreneurs and European industrial investors. Earlier this week, Addionics, an Israel-based chemistry-agnostic battery technology company, raised $27 million in a Series A funding round.