Tallinn-based Skeleton Technologies, a developer high-power systems for AI infrastructure, today announced a “9-digit investment” from Siemens, bringing Skeleton’s valuation to more than €899 million ($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-center power systems. EU-Startups previously reported that Skeleton had secured a €33 million first close in May 2026, bringing its cumulative venture funding at the time to €392 million ahead of a planned US IPO in 2027.
“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,” says Taavi Madiberk, CEO of Skeleton Technologies.
This investment comes amid a series of European funding rounds targeting the physical infrastructure and energy demands of AI data centres in 2026.
In Spain, Valencia-based iPronics raised €107.6 million to scale energy-efficient optical networking, while London’s Orbital Industries secured €43 million to develop AI-designed data-centre infrastructure, including cooling technologies. Also in the UK, Gaussion raised €24.5 million to commercialise battery technologies for applications including data centres.
Together with other comparable or adjacent rounds in the Netherlands, Germany and the UK, represent approximately €261.1 million in active funding.
“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% 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,” adds Taavi.
Founded in 2009, Skeleton equips AI data centres, electrical grids, defense systems, and critical infrastructure with the resilience to withstand surges, instability, and failure.
Their power systems protect GPU clusters from millisecond-level spikes, enable hyperscalers to run at higher rack densities without grid compromise, and reportedly make AI data centers up to 40% more energy efficient.
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 centers is expected to triple. In the United States, data centres are projected to account for around half of electricity-demand growth through 2030.
At the core of Skeleton’s technology is its proprietary Curved Graphene material, engineered for 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.
“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,” says Markus Grabmeier, President of Electrical Products at Siemens AG.
Today’s 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 commercialize products for next-generation AI data centers. 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 €179 million ($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.
