Skeleton Technologies, a supercapacitor-based energy storage solutions manufacturer, raised €108 million (~$114 million) in a Series E1 funding round from Siemens Financial Services (SFS), Marubeni Corporation, and other investors. The funding will be used to accelerate the development of next-generation products and finance the manufacturing expansion for supercapacitors and the company’s new high-power battery technology – the SuperBattery.
Existing investors, including Marubeni Corporation, have also contributed to the investment round. The conglomerate, which includes Warren Buffet’s Berkshire Hathaway as a significant shareholder, distributes Skeleton’s products in Asia and aids in acquiring customers for Skeleton’s SuperBattery in the region. In addition to Siemens and Marubeni, Brazilian mining giant CBMM has made its inaugural investment in Skeleton. With the concluded Round E1, Skeleton’s total funding exceeds €300 million (~$316 million).
Recently, the company signed an investment agreement with Marubeni Corporation to finance the completion of the Leipzig factory and to increase sales of the energy storage products produced at the plant in Asian markets.
Last year, the company raised €37.6 million (~$42.6 million) in a Series D funding round from a group of investors to scale up the supercapacitor production in Saxony, Germany.
“Securing an investment from one of Europe’s largest tech companies is a significant milestone for Skeleton. In addition to SFS’ investment, Siemens is also a key partner, supplier, and customer. Their expertise in industrialization and commercial partnerships will propel our growth and solidify our role in leading the energy transition,” said Skeleton Technologies’ CEO and Co-Founder Taavi Madiberk.
VC Funding activity for the energy storage sector was up 27% in 1H 2023, with $3.8 billion in 43 deals compared to $3 billion in 48 deals in 1H 2022, according to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid.
Earlier this year, florrent, a company developing high-energy density ultracapacitor technology, secured $2.1 million in a pre-seed round, which was led by MassVentures, with participation from MassMutual Catalyst Fund, AIN Ventures, Tale Venture Partners, NextFab Ventures, Boston Impact Initiative, and others.