Estonian cleantech Skeleton Technologies raises $48.5 million

Tallinn-based Skeleton Technologies, a manufacturer and developer of high energy and power density ultracapacitors, has raised $48.5 million in Series D round. The round was led by existing investors such as EIT InnoEnergy, FirstFloor Capital, MM Grupp, and Harju Elekter with participation from leading European industrial investors and a group of entrepreneurs. This Series D financing brings Skeleton’s total funding to over $109 million since its launch, Skeleton Technologies reports. 

Founded in 2009 by Chairman Oliver Ahlberg and CEO Taavi Madiberk, Skeleton Technologies is the global technology leader in ultracapacitor energy storage in automotive, transportation, grid, and industrial applications. The company is aimed to decrease emissions and fuel consumption, improve power quality, and to power electrification to fight climate change. Nowadays, its SkelCap ultracapacitors, based on patented “curved graphene” represent the biggest technological advancement in the industry in the last 20 years.

The raised money will further accelerate Skeleton’s growth.  The company acquired major new clients in the last months, including a world leader in renewable energy production and a leading hydrogen bus manufacturer. Skeleton’s products are already on the market and, despite COVID-19, the company will see three-fold revenue growth for the second year in a row.

Taavi Madiberk, CEO and co-founder of Skeleton Technologies, said: 

“The momentum for energy transition and decarbonization of the economy is stronger than ever. I am proud to see that our investors strongly believe in our vision and we now have a 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.”