Estonian cleantech startup Skeleton Technologies raises €41.3m from European entrepreneurs

Estonian cleantech startup Skeleton Technologies raises €41.3m from European entrepreneurs

Published: 03-11-2020 11:24:00 | By: Pie Kamau | hits: 4492 | Tags:

Skeleton Technologies, global cleantech 100 company and largest European manufacturer of ultracapacitor-based energy storage, has completed a €41.3 million financing round. All existing investors participated in the equity raise and were joined by notable European entrepreneurs and international investors. 

Taavi Madiberk, CEO and Co-founder of Skeleton Technologies, stated: “The momentum for energy transition and decarbonization of the economy is stronger than ever. I am proud to see that our investors strongly believe in our vision and we now have new world-class mix of industrial companies and experienced startup leadership behind us. Their experience will now help us scale and aggressively grow. We have the right products to capture a dominant market share in the ultracapacitor industry globally. 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.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 automotive 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 and we have a clear roadmap to further increase our competitive advantage and increase both the energy and the power density of our products.”  

Diego Pavia, CEO of EIT InnoEnergy said: “The green transformation of Europe’s economy – from transportation to process industries – is unthinkable without innovative energy storage solutions. Therefore, it is of utmost strategic importance to help build European champions in this arena. Hence, our decision to invest in Northvolt back in its very early days. Skeleton, with its world-leading and broadly applicable ultracapacitor technology, has all it takes to become another one of those European champions, and we are proud to continue and extend our support for them.”

This Series D financing brings Skeleton’s total funding to over €93 million since its inception. It builds on a strong year for Skeleton Technologies, which saw a tripling of its revenues. This follows a similar growth in 2019. The company acquired major new clients in the last months, including a world leader in renewable energy production and a leading hydrogen bus manufacturer. The total commercial backlog is currently over €150 million.   

Spokesperson for the group of Dutch entrepreneurs and Adyen alumni that joined the round said: “With our background in tech, experience with hyper growth in all its aspects, and one of the most successful exits in Europe, we feel a great match with the ambitious and talented management team of this upcoming European powerhouse that has the full potential to play a key role in the energy transition and catalyze the application of green and sustainable solutions. We are very proud to be part of Skeleton Technologies."

Ellex Raidla acted as legal advisors to Skeleton Technologies.