Tallinn-based cleantech scaleup Skeleton Technologies has recently raised a substantial €108 million in funding, with notable investors like Siemens Financial Services and Marubeni Corporation coming on board. The company focuses on developing energy storage solutions, including supercapacitors and their high-power battery technology, the SuperBattery, with a commitment to sustainability and reduced reliance on critical raw materials. This financial boost will be instrumental in driving the development of cutting-edge products, expanding manufacturing capacity for supercapacitors, and furthering the growth of their high-power battery technology called the SuperBattery.
Siemens is also collaborating on automating and digitizing Skeleton’s new factory in Leipzig, Germany. Marubeni Corporation, supported by Berkshire Hathaway, is actively involved in distributing Skeleton’s products in Asia and facilitating customer acquisition for the SuperBattery. This funding round is a major milestone for Skeleton Technologies and the European battery industry, solidifying its position as one of Europe’s best-funded deep tech companies with a total funding exceeding €300 million.
Skeleton Technologies’ CEO and Co-Founder Taavi Madiberk said, “Securing an investment from one of Europe’s largest tech companies is a significant milestone for Skeleton. In addition to SFS’ investment, Siemens is also a key partner, supplier, and customer. Their expertise in industrialisation and commercial partnerships will propel our growth and solidify our role in leading the energy transition.”
The companies have also partnered to automate and digitise Skeleton’s upcoming factory in Leipzig, Germany.
Steffen Grosse, CEO of Equity Finance at SFS commented, “Siemens has a long-standing relationship with Skeleton, recently signing a cooperation agreement to digitize supercapacitors production with our Manufacturing Operations Management System. We’re pleased to deepen this partnership by investing in their expansion and the development of advanced battery technologies. Our goal is to support innovative technologies for a sustainable future, and Skeleton aligns perfectly with this vision, having developed cutting-edge high-power, fast-charging technologies. Therefore, we are thrilled to invest in Skeleton and help building a robust battery ecosystem in Europe.”
Existing investors, including Marubeni Corporation, have also contributed to the investment round. The conglomerate, which includes Warren Buffet’s Berkshire Hathaway as a significant shareholder, distributes Skeleton’s products in Asia and aids in acquiring customers for Skeleton’s SuperBattery in the region.
The funding round marks a significant milestone for both Skeleton and the European battery industry. Taavi Madiberk added: “We’re thrilled to have partners like Siemens and Marubeni Corporation who share our vision for swift electrification. Their support positions Skeleton for enhanced global outreach, backed by two industrial powerhouses from Europe and Asia.”
Skeleton Technologies also develops and produces its own patented raw material called Curved Graphene. Curved Graphene allows Skeleton’s products to reach unprecedented levels of performance while not relying on toxic metals. Curved Graphene is developed in Skeleton Materials’ facility in Bitterfeld-Wolfen, Germany, using locally sourced materials that are widely accessible and abundant in Europe. The development and production of substitute materials are critical to reducing mineral intensity of clean technologies, Europe’s needs for critical raw materials such as nickel or cobalt, and for ensuring Europe’s security of supply.
In addition to Siemens and Marubeni, Brazilian mining giant CBMM has made its inaugural investment in Skeleton.
Skeleton is currently ramping up manufacturing of its supercapacitors’ product line with a new factory in Markranstädt near Leipzig in collaboration with Siemens, and developing its novel SuperBattery technology, slated for future mass production.
The Leipzig factory is scheduled to be completed at the end of 2024 and produce up to twelve million cells a year. The factory will have 40 times more output than the company’s existing site in Großröhrsdorf, Germany.
With the concluded Round E1, Skeleton’s total funding exceeds €300 million, ranking it among Europe’s top-financed deep tech firms. Ellex Raidla acted as legal advisor and UBS as financial advisor to Skeleton.
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Originally published on ArcticStartup : Original article