May  2015

EcoSummit

Global  Technology  Leader  in  Ultracapacitors

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1.  COMPANY

Skeleton  Technologies  -­‐  Ultracapacitors

40 employees, 6 phDs Located in Bautzen, Germany

And Viimsi, Estonia 5 M EUR raised to date

€

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2.  MARKET  OPPORTUNITY

Green  and  Cost  EffecNve  Energy  -­‐  Ultracapacitors

Ultracapacitor 87.5  kW/kg

Li-­‐ion  baTery 1  kW/kg

Ultracapacitor 1,000,000  cycles

Li-­‐ion  baTery 2,000  cycles

Ultracapacitor 3,000  C

Li-­‐ion  baTery 10  C

Deep  charge/discharge  cycles Charge  rate Specific  power

88  X 500  X

300  X

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„Elon Musk Says Supercapacitors Not Batteries, Will Be Breakthrough…“

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Source: IDTechEx research report "Electrochemical Double Layer Capacitors: Supercapacitors 2013-2021"

1,539

365

1,256

446

446

2021  –  $4,052  mm  

CAGR  30%

295

30 75

167

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2014  –  $573  mm

2.  MARKET  OPPORTUNITY  AND  UC  USAGE

Ultracapacitors  Are  Set  To  Become  A  Mainstream  Technology

Renewables Misc.  (e.g.  Grid) Industrial AutomoNve TransportaNon

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Direct  CompeNtors  

Maxwell  Technologies,  US  (market  leader)

+  2014  UC  revenue  $154*  mm  

+  Manufacturing  in  the  US  

Ioxus,  US  (Start-­‐up)

+  2011  revenue  $0  mm,  2014  revenue  $36  mm

+  Raised  $21  mm  before  generaNng  revenue  

+  Raised  total  funding  (over  $50  mm)  from:

NESSCAP,  South  Korea

+  2012  revenue  $11  mm,  2014  revenue  $22  mm

+  LSMtron,  South  Korea

+  2014  UC  revenue  $30  mm

+  Nippon  Chemi-­‐Con,  Japan

+  2012  UC  revenue  below  $5  mm,  2014  UC  revenue  $40  mm

3.  COMPETITION

*  EsNmate  based  on  2013  revenues  and  2014  growth  projecNons  

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87.5

13.8 8.5 6.2 8.6 7.7

101.5

15.6 8.7 9.1 9.5 9.8

Skeleton   350F

Maxwell   310F

Nesscap   360F

Nippon  Chem 400F

Ioxus   350F

LS  Mtron   400F

Specific  power  (kW/kg) Power  density  (kW/l)

+ Proprietary  ultracapacitor  design  to  lower  the  internal  resistance  and  increase  the  specific  power  six  Nmes  (over  87  kW/kg)

6  Times  Power  Density  VS  CompeNNon 4.  COMPETITIVE  ADVANTAGE

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10.1

7.4

6.0 5.0

5.7 5.8

14.1

9.6

7.7

5.9

7.7 7.7

Skeleton  3500F

Maxwell   3400F

Ioxus 3000F

Nippon  Chem   2300F

Nesscap   3000F

LS  Mtron   3000F

Specific  energy  (Wh/kg) Energy  density  (Wh/l)

2  Times  Energy  Density  VS  Most  CompeNtors 4.  COMPETITIVE  ADVANTAGE

+ Proprietary  nanoporous  carbide-­‐derived-­‐carbon  manufacturing  and  post-­‐treatment  technology  to  double  the  energy  density  compared  to  most  compeNtors

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5.7  kW 178g 0.124l

5.5  kW 510g 0.4l

SkelCap  -­‐  More  Compact  and  Lightweight

Confirmed  at  tests  done  by  Tier1

4.  COMPETITIVE  ADVANTAGE

5  PATENTS  16  PATENTS  PENDING  

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Manufacturing  overhead:        10% Equipment  depreciaNon:            3-­‐5%

Gross  margin :                                        50%

Materials:                        70%

Direct  labour:                    5-­‐8%

Other  costs:                    5-­‐7%  

COGS:  50%

Why  Does  Size  MaTer? 4.  COMPETITIVE  ADVANTAGE

+  Material  costs  are  70%  of  COGS

+  Smaller  UC  means  less  materials  which  yields  a  cheaper  product

+  Cost  reducNon  over  50%

Cost  advantage

+  IntegraNon  into  compact  systems

+  Light  designs  for  weight  restricted  applicaNons

Usability  improvement  

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5.  CUSTOMER  TRACTION

CompeNNve  Edge  Proven  by  Paying  Customers

Leading Eastern European Railway Company

Automotive - A

Automotive - B

Adgero

European Space Agency

Leading Automotive Tier 1 - C

Leading Aerospace Co. - D

Leading Automotive Tier 1 - E

Ultra Impact Technologies

Space Tier 1

Ultra Impact

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6.  TEAM  OVERVIEW

Experienced  Industry  Experts  and  Entrepreneurs Taavi  Madiberk,  CEO   +  Co-­‐Founder  of  Skeleton   +  Former  Chairman  of  the  Supervisory  Board  of  Estonian  Railways +  Serial  entrepreneur

Oliver  Ahlberg,  CIO   +  Co-­‐founder  of  Skeleton   +  Serial  entrepreneur +  Successfully  co-­‐founded  and  sold  local  e-­‐commerce  company  to  market  leader  

Indrek  Kaldoja,  CFO +  11  years  of  experience  in  the  financial  sector +  Founder  and  former  COO  at  EssenNa  Capital +  Previously  fund  manager  at  Swedbank  Investment  Funds  and  Ex  General  Manager  at  Hansa  Private  Equity  Partners  

Dr.  Hermann  Schenk,  COO +  25  years  of  experience  in  chemical  and  semiconductor  industries +  Founder  and  former  CEO  of  Covion  Organic  Semiconductors  GmbH  (acquired  by  Merck) +  Former  CEO  of  Freiberger  Compound  Materials  GmbH,  a  manufacturer  of  semiconductor  wafers  

Dr.  Kai  Vuorilehto,  VP  of  ProducNon   +  Led  the  ramp-­‐up  of  a  €70  mm  Li-­‐ion  baTery  plant  in  Finland  for  European  BaTeries  OY +  Professor  at  Aalto  University,  School  of  Chemical  Technology,  Finland +  Author  of  5  energy  storage  related  patents

Volker  Dudek,  CTO +  Former  CTO  and  SVP  of  Telefunken  Semiconductors +  Former  head  of  R&D  Atmel +  Author  and  co-­‐authored  more  than  30  scienNfic  publicaNons  and  more  than  30  patent  applicaNons

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7.  PROGRESS  AND  EXECUTION

Successful  Round  A

5  M  EUR  

Built  org.  of  40  talented  people  

Prototype  -­‐>  Small  scale  manufacturing  

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Excellent  customer  tracJon  and  revenue  generaJon  

PROBLEM:  Customer  demand  exceeds  producJon  –  10  Jmes    

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7.  PROGRESS  AND  EXECUTION

Finalizing  Round  B

Focus:  markeJng  and  sales  with  lean  outsourcing  model  

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Further  R&D  to  reach  2  Jmes  energy  density  

SOLUTION:  Round  B  (8.8  M  EUR)  finalized  by  June  2015  

Mid-­‐size  manufacturing  to  meet  exisJng  POs  and  demand  

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Committed 4 M EUR Raising

8 M EUR

8.  ROUND  C

Round  C  (12  M  EUR)  -­‐  Mass  MarkeNng  Scaling

Funding  for:  Sales  and  MarkeJng;  Large  Scale  electrode  producJon  

Moving  higher  up  the  value  chain:  ultracapacitor-­‐based  products  for  end-­‐customers  

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Financial  Overview

+  Revenue  projecNon  is  backed  by  a  sales  pipeline  of  300+  leads  

+  Focus  on  the  European  market  and  in  parNcular  on  Germany,  the  world’s  second  largest  UC  market

+  Key  growth  driver  will  be  the  industrial  segment  

+  ProducNon  capacity  will  exponenNally  increase  with  the  new  facility  near  Dresden,  beginning  in  November  2016  and  help  the  company  to  meet  demand

+  CAPEX/revenue  raNo  of  1:5  is  in  line  with  the  market  standards

+  Cash  flow  posiNve  from  2017  onwards

+  No  addiNonal  funding  is  needed  to  reach  2020  targets.  All  addiNonal  investments  will  be  financed  from  cash  flow  

9.  FINANCIALS

27%

13%

40%

12% 8%

14.2 27.6

53.4

2014 2015 2016 2017 2018 2019 2020

Revenue  breakdown  by  verNcal  and  EBITDA    (€  mm)

TransportaNon AutomoNve Industrial Renewables Miscellaneous  (incl.  high-­‐end) EBITDA

4.3 19.5

58.2

93.3

148.5

2.3 0.1 0.3

(5.9) (2.7) (1.8) *

*Mass  producNon  will  start  in  November  2016  

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Exit  –  Trade  Sale  or  IPO  in  2018

Industry    segment PotenNal  buyers RaNonale

Energy  storage Higher  margins  and  growth,  synergies  with  sourcing,  manufacturing  and  markeNng,  development  of  hybrid  (UC/baTery)  systems

Electronics Offer  a  USP  for  their  end-­‐customers  and  capture  greater  margins  from  the  segment

Chemicals Move  up  the  value  chain

AutomoNve  systems

Offer  a  USP  for  their  end-­‐customers  and  capture  greater  margins  from  the  segment

9.  FINANCIALS

Taavi Madiberk Chief Executive Officer

+372 5354 2387 taavi.madiberk@skeletontech.com www.skeletontech.com

The  only  ultracapacitor  company  with  disNncNve  performance  differenNators  and    technology  for  lowering  cost