European graphene ultracapacitor company receives €4m investment

January 28, 2016 // By Paul Buckley
European ultracapacitor manufacturer, Skeleton Technologies, has received a €4 million investment from KIC InnoEnergy, an investment company dedicated to promoting sustainable innovation and entrepreneurship in Europe’s energy industry.

The €4m investment from KIC InnoEnergy – whose shareholders include ABB, EDF, Iberdrola and Total – will be used to further develop the competitive advantage of Skeleton Technologies’ ultracapacitors. The company aims to reach the ambitious target of 20 Wh/kg energy density for its technology by 2020.

Skeleton Technologies’ devices claim to be the only ultracapacitors to use a patented graphene material in their manufacture, allowing them to deliver twice the energy density and five times the power density of their competitors.

Skeleton Technologies plans to use the KIC InnoEnergy investment to further optimise electrode and cell design to allow for higher working voltages. Thes developments aim to unlock the full performance capabilities of the company’s graphene-based material, known as carbide-derived carbon (CDC).

Kenneth Johansson, CEO of KIC InnoEnergy Sweden, said: “Energy storage is one of the key issues facing the European energy sector. Getting it right will help with everything from smart grids and smart buildings to ensuring better integration of renewables in electricity networks across the continent".

"We’re excited to engage with Skeleton Technologies because we believe that their product is a potential game changer in the energy storage space. The future need for energy storage can hardly be underestimated and we look forward to embracing this opportunity through the development of this technology.”

The investment was pledged as part of the €9.8m Series B financing secured by Skeleton Technologies in 2015. With funds now in place, work will begin to develop electrodes that can fully capitalise on the performance advantages offered by CDC. These electrodes will then be integrated into smaller modules, reducing both the weight and cost of the final energy storage system.