Skeleton raises €41.3m in new bid to improve technology and replace lead batteries

Skeleton raises €41.3m in new bid to improve technology and replace lead batteries

Skeleton raises €41.3m in new bid to improve technology and replace lead batteries 150 150 Batteries International

November 5, 2020: Skeleton Technologies, the supercap manufacturer, announced on November 3 it had raised €41.3 million ($48.5 million) in a series D financing round. This brings its total capital raised to over €93 million.

The company says its technology can replace lead acid batteries in both ICE and electric vehicles, and its Skeleton Gen 3 supercap can provide more than 60Wh/kg as opposed to 25-30Wh/kg from a lead battery.

Skeleton said its contract backlog was more than €150 million from blue chip automotive and grid companies.

“All existing investors in the company joined the equity raise: EIT InnoEnergy — early investors in European gigafactory startup Northvolt — FirstFloor Capital, MM Grupp and Harju Elekter,” the company said.

“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,” said head of Skeleton Taavi Madiberk.

“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 automotives to leading truck OEMs, grid integrators to the European Space Agency, but also by an independent study backed by the US Office of Naval Research. We have a clear roadmap to further increase our competitive advantage and increase both the energy and the power density of our products.”