Ultracap maker setting sights on next-gen electric vehicles

June 09, 2017 // By Nick Flaherty
Taavi Madiberk, CEO of Skeleton Technologies
Taavi Madiberk doesn’t like the phrase unicorn. But as the CEO of rapidly expanding ultracapacitor company Skeleton Technology (Viimsi, Harjumaa, Estonia), he is ambitiously aiming at over $1bn in revenues.

The company has just opened a mass production plant in Dresden, Germany, the largest ultracapactior plant in Europe, setting its sights on the coming generation of electric vehicles.   

“If you talk about €1bn revenue potential, we need to do significant capex investment and expand our manufacturing footprint,” said Madiberk. “We are not only focussing on the passenger vehicle automotive market that requires significant up front investment but we have already established a stable business in market with shorter sales cycles in trucking and buses and industrial equipment.”

“We expect to see the volume production in 2020. If you make an impact you will create value and the value is financially important but this is not what we are aiming for, but growing the business and generating sales. In 2020 to 2022 sales will be measured by several hundred million euros and that’s the starting point for higher volumes from there,” he said.

“In ten years’ time we will have a major impact on hybrid electric vehicles at 48 V and ultracapacitors will be dominant technology choice for tier one suppliers, and Skeleton Technology will be at the forefront of that market,” he said.