Siemens takes stake in Skeleton Technologies at $1B+ valuation for AI data center power

Siemens put in more than $100M, according to the company, which did not disclose the exact figure. The deal closed this month and values the Tallinn maker of supercapacitor-based power systems at over $1B, its CEO told Bloomberg. Siemens also receives exclusive rights to sell Skeleton's high-power storage systems to data centers, and existing shareholder Harju Elekter is selling part of its holding to Siemens. Skeleton plans to spend more than $200M on US manufacturing and Silicon Valley R&D, working with hyperscalers on power systems for AI data centers and starting to produce cells in the US. The two companies already worked together on a €220M plant near Leipzig, Germany. AI buildouts are increasingly limited by grid power rather than chips. For founders selling into data centers, the deal shows a strategic industrial paying for exclusive channel access and a local US supply chain, and it shows that power-smoothing hardware for GPU clusters can now draw nine-figure checks.