Skeleton Technologies Lands $1 Billion Valuation with Siemens Investment

Jan de Vries · 2026-10-14

Skeleton Technologies just pulled off something big. The Tallinn-based company, which builds high-power systems for AI infrastructure, announced a "9-digit investment" from Siemens. That puts Skeleton's valuation above $1 billion. Not bad for a company that started in 2009 with a focus on ultracapacitors. ### What This Investment Means for AI Data Centers The money will mostly go toward expanding Skeleton's US manufacturing footprint and R&D activities in Silicon Valley. Why? Because hyperscalers are hungry for AI data-center power systems that can keep up with their insatiable compute demands. "AI is scaling faster than the power infrastructure behind it," says Taavi Madiberk, CEO of Skeleton Technologies. "The constraint is not how many GPUs you can buy, but how much compute you can extract from every GPU and every megawatt available." That's the crux of it. You can stack all the GPUs you want, but if your power delivery can't handle the spikes, you're leaving performance on the table. Skeleton's supercapacitors smooth out those millisecond-level fluctuations, letting hyperscalers run at higher rack densities without crashing the grid. ### The European Funding Wave for AI Infrastructure Skeleton isn't alone in this space. 2026 has seen a flurry of European funding rounds aimed at the physical infrastructure and energy demands of AI data centers. - In Spain, Valencia-based iPronics raised €107.6 million ($116 million) to scale energy-efficient optical networking. - London's Orbital Industries secured €43 million ($46 million) to develop AI-designed data-center infrastructure, including cooling tech. - Also in the UK, Gaussion raised €24.5 million ($26 million) to commercialize battery technologies for data centers. Together with other rounds in the Netherlands, Germany, and the UK, that's roughly €261.1 million ($282 million) in active funding. The message is clear: Europe is waking up to the fact that AI runs on power, not just algorithms. ### Why Supercapacitors Are the New Semiconductors Madiberk puts it bluntly: "In AI infrastructure, supercapacitors are becoming the new semiconductors. They will determine how much performance hyperscalers can deliver from their GPUs." Skeleton's systems remove power fluctuations as a constraint, enabling more compute faster while delivering up to 40% energy savings and double-digit improvements in GPU performance. That's not just a nice-to-have; it's a competitive advantage. "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," adds Madiberk. ### A Long-Standing Partnership Gets Deeper Siemens and Skeleton go way back. Siemens supported Skeleton's expansion in 2023, and Siemens Digital Industries designed and automated the company's Leipzig SuperFactory in Germany. Now, the partnership is zeroing in on AI data-center infrastructure and the growing demand from US hyperscalers. "Skeleton's portfolio perfectly complements Siemens' comprehensive data center offering," says Markus Grabmeier, President of Electrical Products at Siemens AG. "Our combined innovation roadmap will deliver benchmark solutions for the white space of next-generation data centers, delivered by a strong manufacturing network across Europe and the USA." ### The Bigger Picture: Powering the AI Boom Global data-center electricity consumption is expected to nearly double from around 485 TWh in 2025 to 950 TWh by 2030, according to the International Energy Agency. In the US alone, data centers are projected to account for about half of electricity-demand growth through 2030. That's a massive challenge. Skeleton's Curved Graphene material—engineered for fast power delivery, high efficiency, and long cell life—is at the core of its solution. By combining cells with power electronics and system-level controls, Skeleton manages the rapidly changing power demands of AI clusters. Skeleton equips AI data centers, electrical grids, defense systems, and critical infrastructure with the resilience to withstand surges, instability, and failure. And with this new investment, they're poised to scale up in a big way. So what's next? A planned US IPO in 2027, for starters. If Skeleton can pull that off, it might just become the poster child for European deep tech making it big in America.