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Estonian-founded ultracapacitor producer Skeleton Technologies receives €41.3 million of investment

Tesla-rival Skeleton Technologies, the European largest manufacturer of ultracapacitor-based energy storage, receives €41.3 million of investment, which is one of the top five funding rounds for the CleanTech sector in Europe this year.

All existing investors: EIT InnoEnergy, FirstFloor Capital, MM Grupp, and Harju Elekter, participated in the equity raise and were joined by notable European entrepreneurs and international investors.

Better than Tesla

Often compared with Tesla, Skeleton actually has even better ultracapactors – Skeleton’s batteries have four times the power density of Tesla’s. This clear competitive advantage is not only proven by Skeleton’s blue chip customer base ranging from German automotive to leading truck OEMs, grid integrators to the European Space Agency, but also by an study backed by the US Office of Naval Research and company’s clear roadmap to further increase its competitive advantage by increasing both – the energy and the power density of products.

Skeleton’s ultracapacitor, based on patented “curved graphene”, represents the biggest technological advancement in this industry in the last 20 years. The use of this innovative material provides Skeleton’s products with an unparalleled advantage in power and energy density.

Skeleton creates innovation for zero emission

According to Taavi Madiberk, CEO and co-founder of Skeleton Technologies, the momentum for energy transition and decarbonization of the economy is stronger than ever.

One of the investors, Diego Pavia, CEO of EIT InnoEnergy, brings out that the green transformation of Europe’s economy is unthinkable without innovative energy storage solutions.

Madiberk points out that the roadmap to zero emissions needs innovation and a mix of enabling technologies. “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. We have the right products to capture a dominant market share in the ultracapacitor industry globally,” Madiberk says.

“Skeleton, with its world-leading and broadly applicable ultracapacitor technology, has all it takes to become another one of those European champions,” Pavia admits.

Tripling the revenue for the second year in a row

This Series D financing brings Skeleton’s total funding to over €93 million. It builds on a strong year for Skeleton Technologies, which saw a tripling of its revenues, following a similar growth in 2019.

Skeleton has acquired major new clients in the last months, including a world leader in renewable energy production and a leading hydrogen bus manufacturer.

Estonian startup Skeleton Technologies has three main locations: its electrical engineering in Tallinn, Estonia, manufacturing in Großröhrsdorf, Saxony, Germany, and materials development in Bitterfeld-Wolfen, Saxony-Anhalt. From its foundation in 2009, the company has grown from 4 to more than 140 people.

Estonia – the ultimate unicorn hatchery for startups

Estonian success story as a “unicorn hatchery” started with Skype in 2003, and now, 17 years later, the experiences of the first unicorn builders are shared in local startup community, allowing to build another 3 unicorns: Playtech, TransferWise and Bolt, and inspiring to produce more than 1100 startups ready to conquer the world. In 2020, Estonia is the country with the most unicorns per capita in the world and third in Europe in terms of most startups per capita.

Furthermore, Estonia is ranked among three of the best European countries to set up a startup by as the country also shows the world’s best entrepreneurial activity and competitiveness.

And in case you didn’t know it before – everyone from the world has an opportunity to join here via its unique e-Residency programme and benefit from the business advantages this no-bureaucracy country has to offer, such as the world’s best tax system – no corporate income tax, no capital tax, no property transfer taxes; establish a company fully online and only in a few hours; and ease of doing business: the state is almost invisible, everything works quickly, safely, and online.

Looking for a place in Europe to build a successful tech startup? Estonia is the best option for you. Use our free e-Consulting service to get started.

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