Skeleton Technologies, an Estonian energy storage tech company, has raised €41.3 million from investors in one of Europe's largest cleantech investment rounds of 2020.
Skeleton Technologies
Skeleton is the largest manufacturer of ultracapacitor-based energy storage - the technology that enables electric car batteries to power vehicles for longer - on the continent, and the closest thing that Europe has to a rival to Tesla.
In 2019, Tesla acquired Maxwell Technologies, Skeleton's primary competition, for $218 million (€184 million) in its drive to make batteries that store energy for longer and longer periods of time.
Skeleton said that all the investors from earlier rounds - EIT InnoEnergy, FirstFloor Capital, MM Grupp and Harju Elekter - participated again.
“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. 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,” says Taavi Madiberk, CEO and co-founder of Skeleton Technologies.
Skeleton develops and manufactures ultracapacitors and energy-storage systems, primarily in the automotive, transportation, grid and industrial sectors. The company claims that its ultracapacitors have four times the power density than Tesla's.
“The roadmap to zero emissions needs innovation and a mix of enabling technologies. Ultracapacitors are a key enabler for lowering emissions – we are not competing with lithium-ion batteries and hydrogen fuel cells; we are complementary in improving performance and lowering cost,” adds Mr Madiberk.
“The green transformation of Europe’s economy – from transportation to process industries – is unthinkable without innovative energy storage solutions. Therefore, it is of utmost strategic importance to help build European champions in this arena,” says Diego Pavia, CEO of EIT
InnoEnergy, and early investor in the firm. “Skeleton, with its world-leading and broadly applicable ultracapacitor technology, has all it takes to become another one of those European champions, and we are proud to continue and extend our support for them.”
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