Skeleton Technologies raises 29 million euros

The Estonia-based ultracapacitor manufacturer Skeleton Technologies has raised a further 29 million euros in its Series D funding round. The funding is to be used for the continued development of ultracapacitor cells, modules, and systems.

This means that the company has already generated 70.4 million from investors in the round, including the 41.3 million euros announced in November 2020 and the investment from Japanese trading company Marubeni announced in March 2021. In addition, Skeleton with its plant in Großröhrsdorf is being funded by the German government as part of the second battery IPCEI.

“Skeleton is growing fast and preparing for the next stage in the company’s lifecycle, that will include a significant scaling up of our operations, supported by strong growth in customer demand,” said Taavi Madiberk, CEO and co-founder of Skeleton Technologies, adding: “The company is backed by leading industrial investors from Marubeni and InnoEnergy to the founders of Adyen. Most of the investors who joined the company at the end of last year not only participated in the round but wanted to increase their stake in the company. It is a great proof of trust generated by the good progress all these investors have seen over the last six months since becoming shareholders.”

Source: Press release via email