Siemens to invest at least €100 million in Estonia's Skeleton Technologies

German technology group Siemens is investing at least €100 million in Skeleton Technologies, an Estonian company that manufactures supercapacitors and also provides artificial intelligence (AI) infrastructure. The investment pushes Skeleton's valuation above €1 billion, according to ERR News, the English-language service of Estonian Public Broadcasting.

Both parties confirmed that the investment is a nine-figure sum. The exact amount Siemens is putting in, and the stake it will receive in return, were not disclosed.

What the money is for

According to Skeleton, the investment will primarily accelerate the expansion of its manufacturing footprint in the United States and its research and development activities in Silicon Valley. The aim is to meet growing demand from hyperscalers, the very large data-center operators, for power systems used in AI data centers.

About the company

Skeleton Technologies is an Estonian company whose core product is supercapacitors, while it also offers AI infrastructure. An investment of this scale significantly raises the company's valuation, and the funds are directed at its operations in the U.S. and Silicon Valley, where it aims to respond to demand from the data-center industry.