Skeleton Technologies raises EUR 108 mln

CEO of Skeleton Technologies Taavi Madiberg. Photo: Eero Vabamägi

Skeleton Technologies, a developer of fast charging for transportation, grid, automotive, and industrial applications, announced the completion of a financing round of 108 million euros, with top investors Siemens Financial Services (SFS) and Marubeni Corporation among the investors.

With the money raised, Skeleton will accelerate the development of next generation products and finance the expansion of supercapacitor and high-power SuperBattery production.

According to Skeleton Technologies CEO Taavi Madiberg, receiving an investment from one of Europe's largest technology companies is a significant milestone.

«In addition to the SFS investment, Siemens is an important business partner, supplier and customer for us. Their experience in industrialization and business partnership will accelerate Skeleton's growth and strengthen our role in leading the green turn,» he said in a press release.

Among other things, with the help of Siemens, Skeleton will expand its supercapacitor product line at the Leipzig plant, which is to be opened at the end of 2024, and develop the SuperBattery technology, which will be put into series production in the future. The new automated and digitized mass production plant with high-tech equipment will increase the production capacity of the Estonian cleantech company in Leipzig up to 40 times to 12 million supercapacitors and SuperBatteries per year.

«Our goal is to support innovative technologies for a more sustainable future. Skeleton with its ground-breaking high-power fast-charging technologies is ideal for this. We are happy to invest in the company and contribute to the creation of a strong battery ecosystem in Europe,» Steffen Grossel, CEO of the capital business of SFS, said.

Skeleton's previous investors, including Marubeni Corporation, also contributed to the investment round. Japanese conglomerate Marubeni, the major shareholder of which is Warren Buffett's Berkshire Hathaway, markets and sells Skeleton products in the Asian region. In addition to Siemens and Marubeni, Brazilian mining giant CBMM also invested in the company for the first time.

With the latest E1 funding series, Skeleton's total investment volume exceeds 300 million euros, which places them among the best funded deep technology companies in Europe.