Bryan, Garnier & Co. GmbH advised Skeleton Technologies on EUR 9.8m Investment Round

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Munich, Dresden, Tallinn, July 27th, 2015 – Bryan, Garnier & Co. GmbH (former Cartagena Capital) has acted as the exclusive financial advisor to Skeleton Technologies, Europe’s leading manufacturer of high-performance ultracapacitors, on a €9.8 million series B funding round led by Harju Elekter Group. Existing investor UP Invest also participated in the round.

​Skeleton Technologies develops and manufactures high-performance ultracapacitors for transportation, industrial and grid applications. The company plans to use the funds for ramping up production of their graphene-based ultracapacitors to meet the strong demand for electrical engineering applications from a growing customer base, including hybrid truck manufacturers, Tier 1 automotives and grid-scale energy storage companies. Earlier this year, Skeleton Technologies announced a deal with the European Space Agency to send ultracapacitors into orbit for the first time in the European program.

Skeleton Technologies CEO, Taavi Madiberk, commented “We closed the Series B round led by a strategic investor higher up the value chain, which fit ideally with the target profile. Bryan, Garnier & Co. Gmbh executed a professional and efficient private placement process, their sector commitment, expertise in energy storage and reach to strategic and financial investors is impressive. The growth capital we have raised allows us to bring our products faster to our increasingly global customer base. We are now perfectly positioned to take advantage of the growing market opportunity. We are looking forward to working together with Cartagena on our Series C round.

Skeleton Technologies has now raised a total of €13.7 million and has kicked-off the C series round, looking for an additional €12 million in equity to accelerate plans for building manufacturing capabilities in Dresden, Germany.

About Skeleton Technologies

Skeleton Technologies is Europe’s leading manufacturer of ultracapacitors. We deliver a high power, high energy, reliable and long-life storage solutions across the industry. Through the use of patented nanoporous carbide-derived carbon, or ‘curved graphene’, we have achieved global breakthroughs in ultracapacitor performance. Our ultracapacitors deliver twice the energy density and 5 times the power density offered by other manufacturers. Our SkelCap series was launched in 2012 and has gained considerable interest in the motorsport, automotive and aerospace sectors, among others. Our current customer base includes global engineering companies, the European Space Agency and several Tier 1 automotive manufacturers. The company has two subsidiaries: Skeleton Technologies GmbH located in Bautzen, Germany, which deals with manufacturing and sales; and Skeleton Technologies OÜ, located near Tallinn, Estonia, which handles R&D and pilot production.


About Harju Elekter

Harju Elekter which trades on the NASDAQ OMX Tallinn Stock Exchange under the ticker HAE1T, is the leading electrical and engineering devices producer in both the Baltic States and Scandinavia is the leading MV/LV electrical and engineering devices producer in the Baltic States as well as the well-known and respected company in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%), Finnkumu Oy (100%) and Rifas UAB (100%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly listed company PKC Group Oyj (5%).


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