Skeleton Technologies' ultracapacitors can be charged quickly and are able to release large bursts of energy at rapid speeds
Spotted: Estonian startup Skeleton Technologies has been working on a graphene-based superbattery that combines the rapid charging properties of ultracapacitors with some of the long-term energy features of a battery.
Skeleton’s ultracapacitors, a type of energy storage, can be charged and are able to release large bursts of energy very quickly. Skeleton’s products are already on the market: ultracapacitors are being used to help power electric buses, and Skeleton recently signed a deal with Northern Ireland’s Wrightbus.
The startup has recently raised €41.3 million in a Series D funding round for its “SuperBattery” development.
New investors in this round include the leading European industrial investors and entrepreneurs who helped to grow Dutch payments company, Adyen. The latest fundraiser brings Skeleton’s total capital raised to more than €93 million. Part of the new funding round is reserved for developing the SuperBattery, and the company is also beefing up its team, with plans to hire at least 45 more staff.
Taavi Madiberk, founder and chief executive of Skeleton Technologies, said the development could be used in combination with a lithium-ion battery to make electric cars faster to charge and more economical to run.
“It is a real change from 4 or 5 years ago. Mainstream investors are finally starting to understand this sector. Now a lot of fintech investors are realising that cleantech is one of the biggest investment opportunities since the internet,” he said.
Despite COVID-19, Skeleton Technologies will reportedly see three-fold revenue growth for the second year in a row.
Written By: Katrina Lane