Germany-based battery technology startup Skeleton Technologies has closed a €108 million funding round, which saw participation from Siemens Financial Services (SFS), Marubeni Corp. and other investors, the company said October 13.
Skeleton said that the funding will accelerate the development of next-generation products and finance the manufacturing expansion for supercapacitors and its new high-power battery technology that it calls as the SuperBattery.
Commenting on the new fundraise, Skeleton Technologies’ CEO and Co-Founder Taavi Madiberk said, “Securing an investment from one of Europe's largest technology companies is a significant milestone for Skeleton. In addition to SFS’ investment, Siemens is also a key partner, supplier, and customer. Their expertise in industrialization and commercial partnerships will propel our growth and solidify our role in leading the energy transition. 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.”
It is known that Skeleton and Siemens have also partnered to automate and digitize 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 are 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 [in] building a robust battery ecosystem in Europe.”
Marubeni Corp., which is an existing investor in Skeleton, has 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 its SuperBattery in the region.
Notably, Skeleton also develops and produces its own patented raw material called Curved Graphene. Curved Graphene allows its products to reach unprecedented levels of performance while not relying on toxic metals, the company said, adding that Curved Graphene is developed in its facility in Bitterfeld-Wolfen, Germany, using locally sourced materials that are widely accessible and abundant in Europe.
The company added that it is currently ramping up manufacturing of its supercapacitors’ product line with a new factory in Markranstädt near Leipzig, in collaboration with Siemens, and is developing its novel SuperBattery technology, slated for future mass production.
That said, Skeleton’s 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, it added.
