Skeleton Technologies has completed round-A financing of €3.9m in total ($5.2m) for its production of ultracapacitors.
The financing will be used by the German-Estonian firm for production scale-up, production development, sales and marketing.
“This financing round will enable Skeleton Technologies GmbH to follow through with plans to build ultracapacitor manufacturing plants in Bautzen and Radeburg in Saxony, Germany. The total planned investment will be €13.6m, supported by the Saxonian Development Bank,” said Skeleton CEO Taavi Madiberk.
The investment, led by Estonian venture capital investor UP Invest, includes the first financing tranche of €2.2m ($2.9m). UP Invest holds a 5% stake in Skeleton. According to UP Invest, industry analysts expect the ultracapacitor sector to grow by 30% year-over-year over the next ten years.
Skeleton manufactures ultracapacitor cells ranging from 250F to 3500F with a high power density of 80Wh/L and a high energy density of 14Wh/L, according to Skeleton. The modules are integrated in transportation, industrial, defense and space applications.
East Asian and US companies currently drive the market. Skeleton plans to focus on Europe, especially on the market in Germany. “Skeleton Technologies will gain the upper-hand over competitors with labour-intensive assembly processes, even if those are being carried out in developing countries,” said Skeleton COO Oliver Ahlberg.
Skeleton is located in Bautzen, Germany and Viimsi, Estonia. The company employs 28 people.
