Skeleton Technologies, an Estonia-based company that produces graphene-based supercapacitors and energy storage systems, is to invest €25 million in its plant located in the German state of Saxony. With this investment, Skeleton aims to expand its research and development as well as scale its production.

Skeleton Technologies to invest €25 million in German plant

"In 2017, we announced our first stage in Saxony — €6.2 million were invested in the production of ultracapacitors in Großröhrsdorf," Skeleton co-founder and CEO Taavi Madiberk said in a press release. "We have successfully entered the market and helped save fuel and reduce emissions from buses, trucks, railway vehicles and industrial machinery".

The company noted that Skeleton's biggest competitor in the field of supercapacitors is Tesla. In order to maintain its position as market leader, Skeleton will need to invest heavily in research and development as well as in increasing production capacity. For this reason, Skeleton Technologies decided to invest an additional €25 million and complete the project by the end of 2019. Skeleton's total investment in Saxony now amounts to €31.2 million.