European ultracapacitor manufacturer Skeleton Technologies has raised €13 million ($14.5 million) in new Series C investment, bringing the company’s total financing to €26.7 million ($30 million). Skeleton plans to use the new funding to accelerate its plans to bring graphene ultracapacitors from high-end sectors to the mass market.

“We believe Skeleton Technologies has great potential to not only transform the ultracapacitor market through their patented curved graphene power cells, but also to become a turnkey energy storage system specialist,” said Fahmi Hamzah, Executive Director of FirstFloor Capital, which led the investment round. “Expanding its automated Estonian operations earlier this year and announcing that its German facility near Dresden will be at scale in start of 2017 shows the company is steadfastly moving towards this goal.”

Since 2011, when its ultracapacitors went into orbit with the European Space Agency, Skeleton has been shifting its focus from high-end sectors to the transportation, grid and industrial equipment markets.

“Now the goal is moving from a component supplier to a system solution provider,” said CEO Taavi Madiberk.

“It was Tesla founder Elon Musk who made the bold prediction that it would be ultracapacitors rather than batteries that will be the breakthrough for future technologies like electric vehicles,” added Madiberk. “Skeleton Technologies is making that future happen today by successfully commercializing a graphene-based ultracapacitor technology. We plan to continue with strong R&D investments to further strengthen our competitive advantage in a market that industry analysts estimate will be worth $8.3 billion by 2025.”

Source: Skeleton Technologies