Skeleton receives double-digit million amount

German-Estonian battery start-up Skeleton raises fresh capital to drive the development of alternative storage technology in Germany.

Energy start-up Skeleton has raised €37.6 million in a recent funding round. The round is led by former Skype executive and co-founder of Wise (formerly Transferwise) Taavet Hinrikus. This brings the total investment in Skeleton to over 200 million euros. The company plans to use the new capital to expand supercapacitor production in Saxony and further advance the development of battery technology.

Taavi Madiberk and Oliver Ahlberg co-founded Skeleton in 2009. The start-up is based in Tallinn, but has its production and development sites in Germany. The deep tech focuses on developing ultracapacitors, an energy storage technology that is said to be more environmentally friendly and efficient than conventional batteries. Lead investor Taavet Hinrikus sees potential in the new storage technologies for the energy transition. "I am convinced that the next generation of battery technologies - which will enable us to meet our climate targets - will be made possible by material innovations."