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Estonia’s Skeleton Technologies secures €108M of financing with top investors including Siemens and Marubeni

Skeleton Technologies closed a €108M funding round that includes Siemens Financial Services (SFS), Marubeni Corporation and other investors.

This funding 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.

“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,” said Skeleton Technologies’ CEO and Co-Founder Taavi Madiberk. “Their expertise in industrialisation and commercial partnerships will propel our growth and solidify our role in leading the energy transition.”

Partnering to digitize and automate

The companies have also partnered to automate and digitise Skeleton’s upcoming factory in Leipzig, Germany.

“Siemens has a long-standing relationship with Skeleton, recently signing a cooperation agreement to digitize supercapacitors production with our Manufacturing Operations Management System,” commented 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.“

Existing investors, including Marubeni Corporation, have also contributed to the investment round. The conglomerate, which includes Warren Buffet’s Berkshire Hathaway as a significant shareholder, distributes Skeleton’s products in Asia and aids in acquiring customers for Skeleton’s SuperBattery in the region.

Milestone funding round in European battery industry

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.”

Skeleton Technologies also develops and produces its own patented raw material called Curved Graphene. Curved Graphene allows Skeleton’s products to reach unprecedented levels of performance while not relying on toxic metals. Curved Graphene is 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.

In addition to Siemens and Marubeni, Brazilian mining giant CBMM has made its inaugural investment in Skeleton.

With the concluded Round E1, Skeleton’s total funding exceeds 300 million euros, ranking it among Europe’s top-financed deep tech firms. Ellex Raidla acted as legal advisor and UBS as financial advisor to Skeleton.

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