TALLINN, March 12 (Reuters) - Estonian energy storage technology maker Skeleton Technologies said on Friday 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.
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, which enables the batteries of electric vehicles to provide power for longer.
“The ultracapacitor industry is in the same situation as lithium-ion batteries were in 1999, but our advancements in core technology and production capabilities will be able to show a cost reduction faster than for any other energy storage technology,” Skeleton CEO Taavi Madiberk said in a statement.
“We have a clear road map to lower (the cost) by almost 90% after completion of our 5 years project,” he said.
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.
$1 = 0.8390 euros Reporting by Tarmo Virki; Editing by Kirsten Donovan