Skeleton Technologies, an Estonia-based manufacturer of ultracapacitor-based energy storage, announced that it raised €41.3 million (~$48.5 million) in a Series D financing round from a group of investors.

With this latest funding, the total capital raised by the company has reached over €93 million (~$108 million). The company expects its revenue to grow three-fold for the second year in a row despite the COVID-19 pandemic.

All the existing investors of the company, including EIT InnoEnergy, MM Grupp, FirstFloor Capital, and Harju Elekter, participated in the financing round. Besides that, a group of entrepreneurs and other new European industrial investors also participated in the funding round.

“We now have a new world-class mix of industrial companies and experienced startup leadership behind us. Their experience will now help us scale and aggressively grow,” said Taavi Madiberk, Co-founder and Chief Executive Officer of Skeleton Technologies.

The company stated that its total commercial backlog reached over €150 million (~$ 177.43 million). It also acquired some new consumers in the last months, which includes a leading hydrogen bus manufacturer and a global renewable energy producer.

“Our ultracapacitors have four times the power density of Tesla’s, the clear competitive advantage is not only proven by our blue-chip customer base ranging from German automotive to leading truck original equipment manufacturers (OEMs), grid integrators to the European Space Agency, but also by an independent study backed by the U.S. Office of Naval Research,” Madiberk stated.

“We have a clear roadmap to increase our competitive advantage and increase both the energy and power density of our products,” he added.

According to Mercom’s 9M and Q3 2020 Funding and M&A Report for Battery Storage, Smart Grid, and Efficiency report, the global venture capital (VC) funding for battery storage companies in the third quarter (Q3) of 2020 was up 78%, with $661 million in seven deals compared to $372 million in eight deals in the second quarter (Q2) of 2020.

Last month, Northvolt, a Sweden-based battery developer and manufacturer, announced that it had raised $600 million in equity through the private placement led by Baillie Gifford, Goldman Sachs Merchant Banking Division, and Volkswagen AG. The funding will be utilized to expand its production and recycling capacity as well as research and development activities.

Earlier this year, Grinntech, an Indian lithium-ion battery manufacturer, raised $2 million from four investors, including former vice-chairman of Ashok Leyland V Sumantran and Cognizant co-founder Lakshmi Narayan. The other two investors were UCAL Group and KS Manian, promoter of Radiance Group.