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The company also intends to increase its number of employees by 50 people to 545 starting from 2022, the company said.

With the investment in Saxony, Skeleton aims to expand its research and development and scale its production. Skeleton's graphene-based ultracapacitors are in particular required in transportation to reduce carbon dioxide and nitrogen oxide emissions.

"In 2017, we announced our first stage in Saxony -- 6.2 mln euros were invested in the production of ultracapacitors in Grossrohrsdorf. We have successfully entered the market and helped save fuel and reduce emissions by buses, trucks, railway vehicles and industrial machinery," said CEO and co-founder of Skeleton Taavi Madiberk.

The company pointed out that Skeleton's biggest competitor in the field of ultracapacitors is Tesla; the latter also competes with German car makers in the world market of electric cars. To maintain the market leader's position, Skeleton will need to invest heavily in research and development as well as in increasing production capacity.

For that reason, Skeleton Technologies decided to invest additional 25 mln euros and complete the project by the end of 2019. Skeleton's total investment in Saxony now amounts to 31.2 mln euros. 

As Germany is undergoing an energy policy turnaround through the decision to phase out nuclear energy and lignite, the state is currently seeing a new era in energy policy, Saxony's Minister of Economic Affairs Martin Dulig said. 

"Thus, the issue of security of supply holds and important position in the agenda," Dulig said, adding that he is pleased that Skeleton is investing in Saxony.

The circle of owners of Skeleton Technologies Group through various companies include Margus Linnamae, Aivar Linnamae, Oliver Ahlberg and Taavi Madiberk. UP Invest, which has a holding in Skeleton Technologies Group, also owns the LETA/BNS news agency. Investors in Skeleton also include the listed Estonian electrical equipment maker Harju Elekter.