EV Engineering News

Skeleton Technologies raises €70 million to develop EV batteries and supercapacitors

Skeleton Technologies, a maker of energy storage devices, has secured an additional €29 million in Series D financing, bringing its total Round D financing to €70.4 million.

“Unlike Tesla, Panasonic or LG, who use similar raw materials and compete in engineering, Skeleton has focused on vertical integration based on our proprietary curved graphene material,” said CEO Taavi Madiberk. “In terms of commercialization, 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. 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 offer a more competitive long-range EV battery.”

This additional internal funding follows the €41.3 million raised in a Series D financing round completed in November 2020, and the €51 million in funding from Germany’s Federal Ministry for Economic Affairs and Energy and the Free State of Saxony announced in March 2021, and brings Skeleton’s total capital raised in the preceding twelve months to €121.3 million.

Source: Skeleton Technologies

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