Skeleton Technologies has raised 13 million euros – in one of the largest ever investment rounds for an Estonian startup – to take its ultracapacitors from high-end sectors to the mass market.

The investment round was led by Malaysian VC investment firm FirstFloor Capital. Also existing investors UP Invest and Harju Elekter participated in the round. Skeleton has now raised a total of 26.7 million euros.

Ultracapacitors offer more than 100 times increased power density across more than a million life-cycles, compared to the best battery technologies.

Skeleton says its patented graphene-based material allows it to deliver twice the energy density and five times the power density of their competitors.

“We believe Skeleton Technologies has great potential to not only transform the international ultracapacitor market through their patented curved graphene power cells but also to become a turnkey energy storage system specialist,” FirstFloor Capital Principal and Executive Director Fahmi Hamzah, said in a statement

“Expanding its automated Estonian operations earlier this year and announcing that its German facility near Dresden will be at scale in start of 2017 shows the company is steadfastly moving towards this goal,” he said.

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