Estonian/German ultracapacitor maker Skeleton Technologies has raised Series B financing of €9.8 million ($10.7 million) from a consortium that includes electrical equipment manufacturer Harju Elekter Group and Baltic investment firm UP Invest.

The company plans to use the funds to ramp up production of its graphene-based ultracapacitors. Customers include hybrid truck manufacturers, Tier 1 suppliers, grid-scale energy storage companies, and the European Space Agency, which recently announced a deal that will send ultracapacitors into orbit for the first time.

“Elon Musk has predicted that ultracapacitors will be the future for electric vehicles, replacing batteries in the longer term. We will fulfill that prediction, starting with doubling the energy density of our current products to lead/acid battery levels of 20 Wh/kg by 2017,” said Skeleton Technologies CEO Taavi Madiberk. “We are perfectly positioned to take advantage of the growing market opportunity, especially in Europe, where the only other manufacturer is Bolloré Group-backed Blue Solutions.”

“We are convinced that ultracapacitor-based solutions will increasingly be used in electrotechnical and manufacturing automation applications for energy storage, control and high-power fast switching,” said Harju Elekter Group CEO Andrus Allikmäe. “Our participation in this field gives us the ability to cooperate in potential future applications and also creates a synergy in participating in the development of ultracapacitor modules.”

Skeleton Technologies uses a patented material synthesized from inorganic compounds that has curved graphene layers, allowing for better conductivity and higher surface area. Skeleton’s SkelCap ultracapacitors provide up to 60 kW/kg and 101 kW/L – twice the energy density and up to five times the power density offered by competitors’ products, according to the company.

Source: ChargedEVs