In a further boost to the expanding energy storage sector, graphene-based ultracapacitor manufacturer Skeleton Technologies has received a €4m investment from sustainable energy technology investor KIC InnoEnergy.
The funding will be used to improve the firm's high performance ultracapacitors - energy storage devices with both a higher power density and longer life cycles than batteries.
"We're excited to engage with Skeleton Technologies because we believe that their product is a potential game-changer in the energy storage space," said Kenneth Johansson, chief executive of KIC InnoEnergy Sweden, in a statement. "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 last year. Skeleton Technologies' chief executive, Taavi Madiberk, said the new investment will help the firm retain a global technology leadership position into the future.
Skeleton Technologies' devices are the only ultracapacitors to use a graphene material - known as carbide-derived carbon (CDC) - in their manufacture, which the firm says leads to a doubling of the energy density and five times the power density compared to competitors' products.
The company plans to use the new funds to optimise the design of its device in order to allow for higher working voltages, and to reduce the weight and cost of its energy storage system.
Once this work is complete, the firm hopes to offer three times the performance to weight ratio of competitors' products available at the same price - a milestone it says will help speed up the adoption of ultracapacitors across transport, industrial equipment and the grid.
"Energy storage is one of the key issues facing the European energy sector," said Kenneth Johansson, chief executive of KIC InnoEnergy Sweden, in a statement. "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."
The investment comes after Skeleton Technologies was added this week to the 2015 Global Cleantech 100, which lists innovative clean tech companies most likely to make a significant market impact over the next decade. Last year the firm was chosen by the European Space Agency to trial its energy technology during an orbital mission in 2018 as a way of reducing the need for heavy battery storage and thus cutting costs for the mission.
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