Skeleton Technologies raises $48.5 million to expand the competitive advantage of ultracapacitors

Ultracapacitor manufacturer Skeleton Technologies has announced the completion of a €41.3-million financing round. All the company’s existing investors participated in the equity raise, and were joined by European entrepreneurs and international investors. 

Skeleton CEO Taavi Madiberk said, “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.”

He continued, “Our ultracapacitors have four times the power density of Tesla’s. The clear competitive advantage is not only proven by our blue-chip customer base ranging from German automotive to leading truck OEMs, grid integrators and the European Space Agency, but also by an independent study backed by the US Office of Naval Research, and we have a clear roadmap to further increase our competitive advantage and increase both the energy and power density of our products.”  

EIT InnoEnergy CEO Diego Pavia added, “The green transformation of Europe’s economy is unthinkable without innovative energy storage solutions. Therefore, it is of utmost strategic importance to help build European champions in this arena. 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.”  

Source: Skeleton Technologies