Skeleton Technologies, an Estonia and Germany-based manufacturer of high-performance ultracapacitors for transportation, industrial and grid applications, completed a €9.8m (approx. $10.7m) Series B financing.
Backers included NASDAQ OMX Tallinn noted Harju Elekter Group (HAE1T), which owns electrical equipment manufacturing plants in the Nordic-Baltic markets, and UP Invest, one of largest investment firms in the Baltic region.
Skeleton Technologies plans to use the funds for ramping up production of their graphene-based ultracapacitors to meet the strong demand for electrical engineering applications from a growing customer base, including hybrid truck manufacturers, Tier 1 automotives and grid-scale energy storage companies. Last month, the company announced a deal with the European Space Agency to send ultracapacitors into orbit for the first time in the European program.
Led by CEO Taavi Madiberk, Skeleton Technologies manufactures ultracapacitors using patented nanoporous carbide-derived carbon, or curved graphene. Its SkelCap series, launched in 2012, has gained interest in the motorsport, automotive and aerospace sectors, among others.
Current customers include global engineering companies, the European Space Agency and several Tier 1 automotive manufacturers.
The company has two subsidiaries:
Skeleton Technologies GmbH located in Bautzen, Germany, which deals with manufacturing and sales; and
Skeleton Technologies OÜ, located near Tallinn, Estonia, which handles R&D and pilot production.
It has 42 employees and plans to increase the headcount with a focus on expanding the mid-scale Estonian manufacturing facilities and acceleration plans for mass manufacturing in Saxony, Germany.