Battery Tech Company Skeleton Receives 51 Million Euro Grant From Germany: Report

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  • Skeleton said the grant comes from Germany’s Federal Ministry for Economic Affairs and Energy and the Free State of Saxony under the European Union’s battery innovation funding framework
  • The advancements in core technology and production capabilities will be able to show a cost reduction faster than for any other energy storage technology

As per a report by Reuters, Estonian energy storage technology maker Skeleton Technologies said it had received a 51 million euro ($61 million) grant from Germany to fully automate ultracapacitor production at its factory in Grossroehrsdorf in the German state of Saxony. The report added that Skeleton CEO Taavi Madiberk said in a statement that the ultracapacitor industry is in the same situation as lithium-ion batteries were in 1999, but the advancements in core technology and production capabilities will be able to show a cost reduction faster than for any other energy storage technology.

Ultracapacitor-based energy storage

The report added that he said that the company has a clear road map to lower (the cost) by almost 90 per cent after completion of the five years project. Skeleton said the grant comes from Germany’s Federal Ministry for Economic Affairs and Energy and the Free State of Saxony under the European Union’s battery innovation funding framework.

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The report said that Skeleton, which competes with U.S. automaker Tesla’s battery technology, is the largest European manufacturer in the emerging sector for ultracapacitor-based energy storage. It enables the batteries of electric vehicles to provide power for longer.

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