Tallinn-based cleantech Skeleton Technologies raises €41.3 million to help large companies save energy

Today Skeleton Technologies, an Estonian cleantech company which is one of the largest European manufacturers of ultracapacitor-based energy storage, announced it 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. This round constitutes one of the top five funding rounds for the cleantech sector in the EU this year and will further accelerate Skeleton’s growth.

Skeleton Technologies, founded in 2009, is already a global technology leader in ultracapacitor energy storage in automotive, transportation, grid and industrial applications. The team states that developing and producing the best ultracapacitor cells, modules, and systems in the world is a means to an end: helping companies to reduce CO2 emissions and save energy. So far, they work with some of the largest companies in the world to decrease CO2 emissions and fuel consumption, improve power quality and protect equipment and infrastructure from power peaks, and to power electrification to fight climate change. 

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 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”, says Diego Pavia, CEO of EIT InnoEnergy   

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

“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,” said the spokesperson for the group of Dutch entrepreneurs and Adyen alumni that joined the round.  

Taavi Madiberk added: “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 (NASDAQ: TSLA), 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.”