Skeleton Technologies Secures Siemens Investment for AI Power Systems

Skeleton Technologies has secured a major nine-digit investment from Siemens, a deal that values the Estonian energy storage firm at over €899 million ($1 billion). The strategic partnership aims to expand Skeleton's US manufacturing and Silicon Valley R&D to meet surging demand from hyperscalers for AI data-center power systems.

Skeleton and Siemens plan to combine Siemens' electrical infrastructure expertise with Skeleton's power systems for data centers. The investment will accelerate the expansion of Skeleton’s US manufacturing footprint and support research and development activities in Silicon Valley. The partnership will bring Skeleton’s technology and manufacturing closer to its largest AI infrastructure customers in the United States.

Skeleton plans to invest more than €179 million ($200 million) in operational scale-up and R&D in Silicon Valley. The US expansion includes plans to establish domestic cell manufacturing. The company aims to build a fully integrated US value chain, spanning from cells to complete systems. The US programme involves working directly with hyperscalers to develop tailored power systems for AI data centers.

Technology and market context

CEO Taavi Madiberk stated that AI is scaling faster than the power infrastructure behind it. He argued the constraint is not how many GPUs can be bought, but how much compute can be extracted from every GPU and every available megawatt. Electricity use by AI-focused data centers is forecast to triple from 2025 to 2030. In the United States, data centers are projected to account for around half of electricity-demand growth through that period.

Skeleton's systems combine power electronics and controls with cells made using a proprietary 'curved graphene' material. The company claims this technology enables rapid power delivery and long cell life. Skeleton combines its cells with power electronics and system-level controls to manage the rapidly changing power demands of AI clusters, where GPU power can shift in milliseconds.

The company claims its systems can smooth power swings, protect GPU clusters from millisecond-level spikes, and enable hyperscalers to run at higher rack densities. Skeleton says this can make AI data centers up to 40% more energy efficient and improve GPU performance by double-digit percentages. These are company claims. The International Energy Agency expects global data-center electricity consumption to rise from about 485 terawatt hours in 2025 to 950 terawatt hours by 2030.

Company background and investment details

Skeleton Technologies was founded in the Estonian town of Tartu in 2009 and is now based in Tallinn. Siemens supported Skeleton's expansion in 2023 and previously designed and automated Skeleton's manufacturing facility in Leipzig, Germany. The new valuation makes Skeleton one of a small group of Estonian-founded companies to reach unicorn status.

The investment value and specific deal terms were not disclosed. Madiberk called the investment a milestone but said the company had achieved only a fraction of its broader mission. The deal closed this month. Markus Grabmeier, President of Electrical Products at Siemens AG, said Skeleton’s portfolio perfectly complements Siemens’ comprehensive data center offering. He stated their combined innovation roadmap would deliver benchmark solutions for the white space of next-generation data centers, delivered by a strong manufacturing network across Europe and the USA.

The partnership will develop and commercialize products for next-generation AI data centers, aiming to address hyperscaler demand from the grid to the rack.

Broader industry trends

The investment reflects a wave of European funding targeting the physical infrastructure supporting AI data centers. This activity in 2026 includes several comparable or adjacent funding rounds.

These rounds, alongside others in the Netherlands and Germany, represent approximately €261.1 million in active funding for related infrastructure.

Future expansion plans

Skeleton aims to establish a fully integrated US value chain from cell production to complete systems. The goal is to target hyperscaler needs comprehensively, from the grid to the rack. The company has spent years developing and manufacturing energy-storage technology in Europe. This new capital provides the industrial scale for a significant stateside push.

Skeleton Technologies plans to invest more than €179 million ($200 million) in operational scale-up and R&D in Silicon Valley.