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Skeleton Technologies surpasses $1B valuation with Siemens backing for US expansion. The company plans to expand its US manufacturing footprint and invest more than $200 million in operations and R&D as demand for AI data-centre infrastructure grows. Skeleton Technologies today announced a strategic investment from Siemens, bringing Skeleton's valuation to more than $1 billion. The investment will primarily accelerate the expansion of Skeleton's US manufacturing footprint and R&D activities in Silicon Valley to meet growing demand from hyperscalers for AI data-centre power systems. Global data-centre electricity consumption is expected to nearly double from around 485 TWh in 2025 to 950 TWh by 2030, according to the International Energy Agency, while electricity use by AI-focused data centres is expected to triple. AI workloads also change how power is consumed. GPU clusters can shift between power states in milliseconds, creating rapid load swings, peaks and harmonics. Skeleton's high-power systems address these challenges by eliminating harmonics and managing rapid power fluctuations close to the workload, delivering up to 40 per cent energy savings and double-digit improvements in GPU performance. At the core of Skeleton's technology is its proprietary Curved Graphene material, engineered for extremely fast power delivery, high efficiency 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. "AI is scaling faster than the power infrastructure behind it. The constraint is not how many GPUs you can buy, but how much compute you can extract from every GPU and every megawatt available," said Taavi Madiberk, CEO of Skeleton Technologies. "In AI infrastructure, supercapacitors are becoming the new semiconductors. They will determine how much performance hyperscalers can deliver from their GPUs. Our systems remove power fluctuations as a constraint, enabling more compute faster while delivering up to 40 per cent energy savings and double-digit improvements in GPU performance. This 9-digit investment round led by Siemens gives us the industrial scale to expand manufacturing in the United States and become the only player in our segment with a full US value chain, from cells to complete systems." The investment deepens a long-standing relationship between Siemens and Skeleton, with the new partnership focused primarily on AI data-centre infrastructure and growing demand from hyperscalers in the United States. Siemens supported Skeleton's expansion in 2023, while Siemens Digital Industries designed and automated the company's Leipzig SuperFactory in Germany. The companies will combine Siemens' leadership in industrial electrical infrastructure with Skeleton's fast-response power systems to develop and commercialise products for next-generation AI data centres. The partnership will address hyperscaler demand from the grid to the rack, while bringing Skeleton's technology and manufacturing closer to its largest AI infrastructure customers in the United States. Skeleton plans to invest more than $200 million in operational scale-up and R&D in Silicon Valley, working directly with hyperscalers. The US expansion includes plans to establish domestic cell manufacturing, creating a fully integrated US value chain from cells to complete systems. "Skeleton's portfolio perfectly complements Siemens' comprehensive data centre offering. Our combined innovation roadmap will deliver benchmark solutions for the white space of next-generation data centres, delivered by a strong manufacturing network across Europe and the USA," said Markus Grabmeier, President of Electrical Products at Siemens AG. Follow the developments in the technology world. What would you like us to deliver to you?

Estonian energy storage firm Skeleton becomes unicorn with Siemens deal. October 14, 2026 - 12:46 pm Siemens has bought into Skeleton Technologies, an Estonian maker of energy storage systems. With this, the deal values Skeleton at more than $1 billion, its CEO Taavi Madiberk told Bloomberg. The deal closed this month and was worth more than $100 million, the company said, but it did not give the exact figure. In return, Siemens can sell Skeleton's high-power storage systems to data centres, and no one else can, Siemens tech chief Peter Koerte told Bloomberg. Skeleton's systems help data centres smooth out sudden swings in power use and reduce energy waste. "What we see is that also up to 40% more compute can be had on the chips if the power management is done right and the energy is not burned off," Madiberk said. Skeleton says it works with all the big US cloud firms, and that its kit will soon be used across a gigawatt of data centre capacity. Skeleton plans to spend more than $200 million on growing in the US, including building factories there, Madiberk said. Bloomberg reported in March that the company is aiming for a US stock market listing next year. The two firms have already worked together on Skeleton's €220 million plant near Leipzig, Germany, where Siemens helped build an automated production line. Siemens wants to sell data centres as a full package, Koerte said. It already supplies them with power gear and design software. "We don't need the next OpenAI right now, what we need is the next generation of AI, which will primarily operate at the application level," Koerte said. "We need to further expand the infrastructure." Skeleton was founded 17 years ago, and it brings together more than 10 Estonian tech companies valued at over $1 billion, a high number for a country of 1.3 million people. Rising power demand from AI is putting pressure on grids and data centre builders across Europe. Other big tech groups are also investing in Europe's AI build-out. This week, Nvidia announced new European investments, including stakes in four French startups. Get the most important tech news in your inbox each week.