Skeleton Technologies, an Estonian energy storage technology firm, announced last year that will develop a new plant producing supercapacitors near Leipzig, Germany, with manufacturing beginning in 2024. Supercapacitors, like batteries, store and release energy in smaller quantities and at quicker rates.
Now the Tallinn-based energy tech firm has announced to have raised €108 million in funding for the same. With this round, the total funding raised by the company accounts for over €300 million, making it one of the top-funded European deep tech companies.
The round was led by the financial division of German manufacturer Siemens, Siemens Financial Services, Japanese general trading company Marubeni Corporation and a Brazilian mining company CBMM.
Marubeni Corporation, in partnership with Warren Buffet’s Berkshire Hathaway, facilitates the distribution of Skeleton’s products in Asia while also assisting in acquiring customers for Skeleton’s SuperBattery within the region.
Siemens-designed supercapacitor factory in Germany
The fresh funds will accelerate the development of next-generation products and finance the manufacturing expansion for supercapacitors and the company’s new high-power battery technology – the SuperBattery.
Currently, Skeleton is ramping up manufacturing of its supercapacitors’ product line with a new factory in Markranstädt near Leipzig in collaboration with Siemens, and developing its novel SuperBattery technology, slated for future mass production.
The Leipzig factory is scheduled to be completed at the end of 2024 and produce up to twelve million cells a year. The factory will have 40 times more output than the company’s existing site in Großröhrsdorf, Germany.
According to Guido Feind, Head of Siemens Digital Industries Germany, Skeleton’s new highly efficient, fully automated production line will be unique in the world.
Patented Curved Graphene material
Founded in 2009 by Oliver Ahlberg and Taavi Madiberk, Skeleton Technologies has developed and produced its own patented raw material called Curved Graphene. It allows Skeleton’s products to reach unprecedented levels of performance while not relying on toxic metals.
Curved Graphene was developed in Skeleton Materials’ facility in Bitterfeld-Wolfen, Germany, using locally sourced materials which are widely accessible and abundant in Europe. The development and production of substitute materials are critical to reducing mineral intensity of clean technologies, Europe’s needs for critical raw materials such as nickel or cobalt, and for ensuring Europe’s security of supply.
By producing the ultracapacitor cells, modules, and systems, Skeleton Technologies aim to help companies reduce CO2 emissions and save energy.
Skeleton Technologies’ CEO and Co-Founder Taavi Madiberk said, “Securing an investment from one of Europe’s largest tech companies is a significant milestone for Skeleton. In addition to SFS’ investment, Siemens is also a key partner, supplier, and customer. Their expertise in industrialisation and commercial partnerships will propel our growth and solidify our role in leading the energy transition.”
Steffen Grosse, CEO of Equity Finance at SFS commented: ”We’re pleased to deepen this partnership by investing in their expansion and the development of advanced battery technologies. Our goal is to support innovative technologies for a sustainable future, and Skeleton aligns perfectly with this vision, having developed cutting-edge high-power, fast-charging technologies. Therefore, we are thrilled to invest in Skeleton and help building a robust battery ecosystem in Europe.“
The funding round marks a significant milestone for both Skeleton and the European battery industry. Taavi Madiberk added: “We’re thrilled to have partners like Siemens and Marubeni Corporation who share our vision for swift electrification. Their support positions Skeleton for enhanced global outreach, backed by two industrial powerhouses from Europe and Asia.”