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Skeleton Technologies raises €41.3 million in financing round
Skeleton Technologies has completed a EUR 41.3 million financing round. All existing investors participated in the equity raise and were joined by notable European entrepreneurs and international investors.
“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,” says Taavi Madiberk, CEO and co-founder of Skeleton Technologies, in a press release.
All existing investors in the company joined the financing round. EIT InnoEnergy – early investors in European gigafactory startup Northvolt— FirstFloor Capital, MM Grupp and Harju Elekter. They were also joined by new investors which included European industrial investors and a group of entrepreneurs that grew payment company Adyen from its inception to successful IPO.
This Series D financing brings Skeleton’s total funding to over EUR 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 player in renewable energy production and a leading hydrogen bus manufacturer. The total commercial backlog is currently over EUR 150 million.
“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,” says Taavi Madiberk.
