German technology group Siemens is investing at least €100 million in Estonian company Skeleton Technologies, raising its valuation to €1 billion.
The parties confirmed that the investment is a nine-figure sum, pushing Skeleton's valuation above €1 billion.
They did not disclose the exact amount Siemens is investing or the stake it will receive in return. Skeleton manufactures supercapacitors and also provides artificial intelligence infrastructure.
According to Skeleton, the investment will primarily accelerate the expansion of Skeleton's U.S. manufacturing footprint and R&D activities in Silicon Valley to meet growing demand from hyperscalers for AI data-center power systems.
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Editor: Marcus Turovski, Marko Tooming
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