An Estonian startup making energy storage technologies received a 15 million-euro ($16 million) loan from the European Investment Bank to finance manufacturing and research and development.
Skeleton Technologies Group makes graphene supercapacitors, which are lightweight electronic components that store and distribute high volumes of power, and can be used to boost the performance of electric vehicles. The loan’s renumeration is based on company performance and doesn’t dilute the holdings of Skeleton’s founders, according to an EIB statement.
The loan helps the company “further invest in R&D, expand production and take the commercialization step,” said EIB investment officer Julie Chevaillier in an e-mail.
Skeleton is already working with the European Space Agency, as well as a number of German carmakers, according to an e-mailed statement, which didn’t identify the manufacturers. In 2011, Tesla Motors Inc.’s founder Elon Musk said he would bet on supercapacitors over batteries to deliver a breakthrough for electric cars.
Skeleton will use part of the money to invest in an electrode mass-production facility in Dresden, Germany, according to the statement.