globaltechnologyleader$ inultracapacitorsecosummit.net/uploads/eco15-150519-1735-skeleton.pdf5...
TRANSCRIPT
May 2015
EcoSummit
Global Technology Leader in Ultracapacitors
2
1. COMPANY
Skeleton Technologies -‐ Ultracapacitors
40 employees, 6 phDs Located in Bautzen, Germany
And Viimsi, Estonia 5 M EUR raised to date
€
3
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
4
„Elon Musk Says Supercapacitors Not Batteries, Will Be Breakthrough…“
5
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
6
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
6
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
7
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
8
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
9
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
10
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
11
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
12
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
13
7. PROGRESS AND EXECUTION
Successful Round A
5 M EUR
Built org. of 40 talented people
Prototype -‐> Small scale manufacturing
13
Excellent customer tracJon and revenue generaJon
PROBLEM: Customer demand exceeds producJon – 10 Jmes
14
7. PROGRESS AND EXECUTION
Finalizing Round B
Focus: markeJng and sales with lean outsourcing model
14
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
15
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
16
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
17
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 [email protected] www.skeletontech.com
The only ultracapacitor company with disNncNve performance differenNators and technology for lowering cost