Malaysia-based FirstFloor invests in Skeleton Technologies

Existing investors also participated in the round, which brings Skeleton's total capital raised to EUR26.7 million. The company will use the new funding to improve its designs and production capacity, expand its business scope from supplying components to providing comprehensive energy storage solutions, and marketing its products in emerging markets in Asia.

Skeleton manufactures ultracapacitors, electricity storage devices that offer high power density, meaning energy can be delivered more quickly than with batteries. Ultracapacitors also offer longer lifespans than batteries. Its proprietary graphene-based designs allow Skeleton's products to store more energy and deliver more power than those of its competitors.

Users of Skeleton's ultracapacitor technology include the European Space Agency and French cargo airship developer Flying Whales. The company also develops electric motor technology for trucks.

"We believe Skeleton Technologies has great potential to not only transform the international ultracapacitor market through their patented curved graphene power cells but also to become a turnkey energy storage system specialist," said FirstFloor Executive Director Fahmi Hamzah in a statement.

FirstFloor provides strategic guidance and growth capital to technology-based start-ups in the IT, mobility, communications and life sciences industries. Its investments often have a theme of supporting companies from developed markets to move into Southeast Asia, as with mobile app management company Apperian and cable manufacturer Marseille, both based in the US.

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• Topics
• Southeast Asia
• Europe
• Technology
• Expansion
• Malaysia
• Growth capital
• Venture