Ultracapacitor manufacturer Skeleton Technologies has secured a €4 million investment from the energy-oriented investment company KIC InnoEnergy, part of €9.8 million in Series B financing raised by Skeleton last year.

“We see KIC InnoEnergy as a strong, value-added partner, with a number of their investors being current or potential customers of Skeleton Technologies,” said Skeleton CEO Taavi Madiberk.

Skeleton plans to use the new funds to further optimize electrode and cell design to allow for higher working voltages. The company uses a proprietary graphene-based material it calls carbide-derived carbon (CDC). It has set an ambitious target of delivering an energy density of 20 Wh/kg by 2020.

“Energy storage is one of the key issues facing the European energy sector,” said Kenneth Johansson, CEO of KIC InnoEnergy Sweden. “Getting it right will help with everything from smart grids and smart buildings to ensuring better integration of renewables in electricity networks across the continent.

Source: Skeleton Technologies, KIC InnoEnergy