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Ultracapacitor Manufacturer Skeleton Technologies Raises €3.9 Million (US$5.2 Million) in Round A Financing

Bautzen, Germany, July 31, 2014 --(PR.com)-- Skeleton Technologies, the leading European manufacturer of ultracapacitor technology for energy efficiency in transportation, industrial and defence and space applications, has completed Round A financing of €3.9 million (US$5.4 million).

The financing will be used for production scale-up and product development in addition to sales and marketing efforts. The total Round A financing, led by Estonian venture capital investor UP Invest AS (http://upi.ee/), includes the first financing tranche of €2.2 million announced in April 2013.

“Our products have four times higher power density (80Wh/L), and almost double the energy density (14Wh/L) compared to current industry standards,” says Skeleton Technologies CEO Mr Taavi Madiberk. “We enable our customers to excel in energy efficiency and electrical performance.” This high performance has sparked the interest of a variety of customers - the company’s customer list already includes the European Space Agency (ESA) and several automotive Tier 1 suppliers.

In a market dominated by US and East Asian competitors such as Maxwell Technologies and Nippon Chemi-Con, Skeleton Technologies plans to focus sales and marketing efforts on the European market with an emphasis on Germany.

“We are already the largest ultracapacitor manufacturer in Europe,” explains Mr Madiberk “and this financing round will enable Skeleton Technologies GmbH to follow through with plans to build ultracapacitor manufacturing plants in Bautzen and Radeburg in Saxony, Germany. The total planned investment will be €13.6 million, supported by the Saxonian Development Bank.”

Skeleton Technologies’ COO Mr Oliver Ahlberg adds: “By having the highest automation levels and being the manufacturing yield leader in the industry, Skeleton Technologies will gain the upper-hand over competitors with labour-intensive assembly processes, even if those are being carried out in developing countries.”

UP Invest AS Managing Director Mr Kristjan Vilosius comments that with a market-proven product and strong customer traction, Skeleton Technologies is well-suited for value creation in a sector that, according to leading industry analysts, will experience 30% YOY growth over the next 10 years, creating a US$6 billion market sector by 2024.

About The Technology

Ultracapacitors are energy storage devices with superior characteristics for delivering and recapturing bursts of power in short time-spans over a lifetime of 15 years and 1 million charge and discharge cycles.

About Skeleton Technologies

Skeleton Technologies is the leading European developer and manufacturer of ultracapacitor cells, modules and engineering solutions for energy efficiency in transportation, industrial, renewable energy, defence and space applications.

Skeleton Technologies manufactures SkelCapultracapacitor cells, SkelMod™ modules. SkelCap™ ultracapacitor cells are available in ranges from 250F to 3500F.

Skeleton Technologies GmbH has received support for a 13,6 mEUR manufacturing investment in Saxony, Germany from the Saxonian Development Bank, more information at http://www.medienservice.sachsen.de/medien/news/191349?page=44

Skeleton Technologies is located in Bautzen, Germany and Viimsi, Estonia. The company employs 28 people and is rapidly growing.

Contact Information:
Skeleton Technologies
Taavi Madiberk
+37253542387
Contact via Email
www.skeletontech.com

Read the full story here: http://www.pr.com/press-release/573260

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