Germany-based ultracapacitor manufacturer Skeleton Technologies raised €13m ($14.6m) in series C capital today from a consortium including electrical and engineering equipment producer Harju Elekter.
The round was led by venture capital firm FirstFloor Capital and also featured VC and private equity firm Up Invest.
Skeleton is developing graphene-based ultracapacitors. The product is similar to a lithium-ion battery, but ultracapacitors can theoretically store more than 100 times in power, recharge within seconds and boast up to a million recharges – up from a maximum of 1,500 cycles for current technology.
The cash will help Skeleton further develop its technology, enter the mass market by expanding outside of Europe and begin offering turnkey energy services.
Harju Elekter previously led an $11m series B round for Skeleton in June 2015, acquiring a 10% stake in the process. Up Invest also took part in that round after having led a €3.9m series A round in 2014.
Taavi Madiberk, CEO of Skeleton Technologies, said: “We see FirstFloor Capital’s investment as a breakthrough moment for our company, marking an expansion beyond Europe and into the emerging markets of Asia – we especially see Southeast Asia as a key growth region that has been undervalued by the market so far.”