A Tallinn-based maker of fast-charging batteries is now one of Europe’s best-financed deeptech firms

Founded in 2009, Skeleton Technologies uses its own patented raw material, Curved Graphene, to produce tools such as supercapacitors and superbatteries. 

Hot on the heels of HD Hyundai Group’s 45 million euros investment in Elcogen, an Estonian developer of clean energy technology that delivers green hydrogen and emission-free electricity, comes another major investment in an Estonian cleantech firm, this time Skeleton Technologies.

Tallinn-based Skeleton, which makes fast-charging batteries, last week announced a new, 108 million euros raise from investors including Siemens Financial Services (SFS), Marubeni Corporation and Brazilian mining giant CBMM.

The new money follows 38 million euros raised in Series D round last year, and brings Skeleton’s total funding to more than 300 million euros, making it one of Europe’s best-financed deeptech start-ups.

Skeleton, which was founded in 2009, says that the funding will accelerate the development of next-generation products and finance the manufacturing expansion for supercapacitors and the company’s new high-power battery technology, the SuperBattery.

“Securing investment from one of Europe’s largest tech companies is a significant milestone,” says Skeleton CEO and Co-Founder Taavi Madiberk.

“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.

According to Steffen Grosse, CEO of Equity Finance at SFS, Siemens has a long-standing relationship with Skeleton.

“We’re pleased to deepen this partnership by investing in their expansion and the development of advanced battery technologies,” he adds. “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.“

Existing investors, including Marubeni, 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.

“Partners like Siemens and Marubeni Corporation share our vision for swift electrification. Their support positions Skeleton for enhanced global outreach, backed by two industrial powerhouses from Europe and Asia,” adds Madiberk.

Substitute raw materials

Skeleton also develops and produces its own patented raw material called Curved Graphene, which allows Skeleton’s products to reach unprecedented levels of performance while not relying on toxic metals.

Curved Graphene is developed in Skeleton’s materials facility in Bitterfeld-Wolfen, Germany, using locally sourced materials which 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.

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 12 million cells a year. The factory will have 40 times more output than the company’s existing site in Grossröhrsdorf, Germany.

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