A startup in Estonia making new energy-storage technologies that Elon Musk called key to the future of electric cars secured a new round of funding to expand in Asia.Skeleton Technologies GmbH makes supercapacitors: light-weight electronic components that efficiently store and distribute high volumes of power.
At present, they provide bursts of energy to help propel trains and buses.
In the future, Skeleton and other manufacturers like Maxwell Technologies Inc. and Ioxus Inc., want to broaden their utility in a wider range of vehicles.Skeleton can transform the international ultracapacitor market and become a turnkey energy storage system specialist, according to Nizar Ali, managing director of FirstFloor Capital, in a statement on Wednesday.
The Malaysian investor located near Kuala Lumpur provided 13 million pound $17.2 million to Skeleton.
Terms weren t disclosed.In 2011, Tesla Motors Inc. s founder Musk said he would bet on supercapacitors over batteries to deliver a breakthrough for electric cars.
A spokeswoman for Musk didn t respond to an e-mail asking whether the CEO is sticking to that prediction.Skeleton said FirstFloor s investment is a turning point for plans to expand beyond Europe and into emerging Asian markets, according to the statement.