global technology leader in ultracapacitors - ecosummit · 3 2. market opportunity green and cost...
TRANSCRIPT
October 2015
EcoSummit
GlobalTechnologyLeaderinUltracapacitors
2
1.COMPANY
SkeletonTechnologies- Ultracapacitors
51 employees, 9 phDsPatented technology -
50% lower production cost13 M EUR raised to date
€
3
2.MARKETOPPORTUNITY
GreenandCostEffectiveEnergy-Ultracapacitors
Ultracapacitor111kW/kg
Li-ionbattery1kW/kg
Ultracapacitor1,000,000 cycles
Li-ionbattery2,000cycles
Ultracapacitor3,000C
Li-ionbattery10C
Deepcharge/dischargecycles ChargerateSpecificpower
4
„Elon Musk Says Supercapacitors Not Batteries, Will Be Breakthrough…“
5
1,539
365
1,256
446
446
Source: IDTechEx research report "Electrochemical Double Layer Capacitors: Supercapacitors 2013-2021"
AddressableMarket2021– $4,052mm
295
3075
167
6
AddressableMarket2014– $573mm
2.MARKETOPPORTUNITY ANDUCUSAGE
UltracapacitorsAreSetToBecomeAMainstreamTechnology
Renewables Misc.(e.g.Grid)Industrial AutomotiveTransportation
6
2.MARKETOPPORTUNITY ANDUCUSAGE
GrowthExample:HeavyTransport
+270kWfor7.4seconds
+USP:
+Higherefficiency
+Loweroverallsystemcostduetodownsizedcoolingsystem
Regenerative braking system forFrenchhybridtruckintegratorAdgero
7
2.MARKETOPPORTUNITY ANDUCUSAGE
GrowthExample:SkelStart24VEngineStartModule
Costsavings• Lead-acid battery life-time increased 1,5 times• Fuel savings due to reduced idling• No need for jump starts• No delayed deliveries
Reliable starting for the trucking industry• Engine starts, always, even with - 40 C• No need to wake up to idle the truck
Easytoinstall• Only ESM in European D02 standard size• Under 60 minutes• Any mechanic could do it
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SalesProcess2.MARKETOPPORTUNITY ANDUCUSAGE
Focus on Europe
• 30% of global market, growing to bedominant
• Advantage: only local manufacturer
End-to-End Sales Process
• Multi-step qualification, nurturing and closingprocess
• Pre – and after-sales focus to close the loop
Paying Customers
• Leading Automotive OEMs and AutomotiveTier 1s
• European Space Agency• Adgero
9
DirectCompetitors
MaxwellTechnologies,US(marketleader)
+ 2014UCrevenue$136mm
+ ManufacturingintheUS
Ioxus,US(Start-up)
+ Raised$21mmbeforegeneratingrevenue
+ Raisedtotalfunding(over$50mm)from
NESSCAP,SouthKorea
+ 2012revenue$11mm,2014revenue$22mm
+ LSMtron,SouthKorea
+ 2014UCrevenue$30mm
+ NipponChemi-Con, Japan
+ 2012UCrevenuebelow$5 mm, 2014UCrevenue$40mm
3.COMPETITION
10
+ Proprietaryultracapacitordesigntolowertheinternalresistanceandincreasethespecificpowerninetimes
+ Power density numbers confirmed by customers
Upto9xHigher PowerDensityVSCompetition4.COMPETITIVEADVANTAGE
111
13.8 8.5 6.2 8.6 7.7
143
15.68.7 9.1 9.5 9.8
Skeleton500F
Maxwell310F
Nesscap360F
NipponChem400F
Ioxus350F
LSMtron400F
Specificpower(kW/kg) Powerdensity(kW/l)
11
10.1
7.46.0
5.05.7 5.8
14.1
9.6
7.7
5.9
7.7 7.7
Skeleton3500F
Maxwell3400F
Ioxus3000F
NipponChem2300F
Nesscap3000F
LSMtron3000F
Specificenergy(Wh/kg) Energydensity(Wh/l)
2xHigher EnergyDensityVSMostCompetitors4.COMPETITIVEADVANTAGE
+ Proprietarynanoporous carbide-derived-carbonmanufacturingandpost-treatmenttechnologytodoubletheenergydensitycomparedtomostcompetitors
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5.7kWat0,2sec178g0.124l
5.5kWat0,2sec510g0.4l
SkelCap - MoreCompactandLightweight4.COMPETITIVEADVANTAGE
5PATENTS16PATENTSPENDING
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Manufacturingoverhead:10%Equipmentdepreciation: 3-5%
Grossmargin :50%
Materials: 70%
Directlabour: 5-8%
Othercosts: 5-7%
COGS:50%
WhyDoesSizeMatter?4.COMPETITIVEADVANTAGE
+ Materialcostsare70% ofCOGS
+ SmallerUCmeanslessmaterialswhichyieldsacheaper product
+ Cost reduction over 50%
Costadvantage
+ Integrationintocompact systems
+ Lightdesignsforweightrestrictedapplications
Usabilityimprovement
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5.TEAMOVERVIEW
ExperiencedIndustryExpertsandEntrepreneursTaavi Madiberk,CEO+ Co-Founder ofSkeleton+ FormerChairmanoftheSupervisoryBoardofEstonianRailways+ Serialentrepreneur
OliverAhlberg,CIO+ Co-founder ofSkeleton+ Serialentrepreneur+ Successfullyco-foundedandsoldlocale-commercecompanytomarketleader
Indrek Kaldoja,CFO+ 12yearsofexperienceinthefinancialsector+ FounderpartnerandformerCOOatEssentia Capital+ PreviouslyfundmanageratSwedbank InvestmentFundsandExGeneralManageratHansa PrivateEquityPartners
Dr.KaiVuorilehto,VPofProduction+ Ledtheramp-upofa€70mmLi-ionbatteryplantinFinlandforEuropeanBatteriesOY+ ProfessoratAaltoUniversity,SchoolofChemicalTechnology,Finland+ Authorof5energystoragerelatedpatents
Dr.VolkerDudek,CTO+ FormerCTOandSVPofTelefunkenSemiconductors+ FormerheadofR&DAtmel+ Authorandco-authoredmore than30scientificpublicationsandmorethan30patentapplications
Non-Executive Director Mr.JamesMcDougall+ CEOofYounicos.+ HasheldseveralgloballeadershippositionsandassignmentsinNorthAmerica,AsiaandEuropeasCEOandManaging
Director
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Committed4 M EUR Raising
8 M EUR
6.ROUNDC
RoundC(12MEUR)– Expected Closing Q22016
Funding for:SalesandMarketing;Manufacturing scale-upwithleanCAPEXmodel
Movinghigherupthevaluechain:ultracapacitor-basedproducts forend-customers
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FinancialOverview7.FINANCIALS
+ Currentlydemandexceedsproductioncapacityby10x
+ ProductioncapacitywillincreaseexponentiallywiththeanewproductionfacilitynearDresdenin2017
+ Salesfocusondevelopingthecurrentkeycurrentaccountstolargervolumes
+ Cashflowpositivefrom2017onwards
+ Noadditionalfundingisneededtoreach2020targets.Alladditionalinvestmentswillbefinancedfromcashflow
27%
13%
40%
12%8%
11.421.8
41.5
2014 2015 2016 2017 2018 2019 2020
RevenuebreakdownbyverticalandEBITDA(€mm)
Transportation Automotive Industrial Renewables Miscellaneous(incl. high-end) EBITDA
4.421.9
61.7
98.2
155.1
0.80.1 1.7
(4.5)(2.9)(1.8)
*MassproductionwillstartinSeptember 2017
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Exit– TradeSaleorIPOin2020
Industrysegment Potentialbuyers Rationale
Energystorage Highermarginsandgrowth,synergieswithsourcing,manufacturingandmarketing,developmentofhybrid(UC/battery) systems
Electronics Offer aUSPfor their end-customers and capture greatermargins from the segment
Chemicals Moveupthevaluechain
Automotivesystems OfferaUSPfortheirend-customersandcapturegreatermarginsfromthesegment
TeslaMotors WhenElon Muskbacksuphisstatementthatultracapacitorsarethefuture,thenSkeletonTechnologiesistheobviouschoice
8.EXIT
Taavi MadiberkChief Executive Officer
+372 5354 [email protected]
Theonlyultracapacitorcompanywithdistinctiveperformancedifferentiatorsandtechnologyforloweringcost