Skeleton Technologies: Powering the AI boom

Powering the AI boom

Skeleton builds high-power energy storage on its patented Curved Graphene material, using no lithium, cobalt or manganese. Its €220 million SuperFactory at Markranstädt near Leipzig opened in November 2025 with capacity for 12 million cells a year and 420 jobs.

The company supplies Siemens, General Electric and Hitachi Energy for European grids, and US hyperscalers for AI data centres, where its systems cut energy consumption by around 40% while increasing available compute. In October 2026, Skeleton became a unicorn, valued at more than $1 billion after an investment round led by Siemens, long one of its customers, ahead of a planned 2027 US listing.

Our mandate

Skeleton is the portfolio's longest engagement, spanning the arc from early commercialisation to industrial deployment. We secured an SME Instrument Grant in 2015 (€2.5 million), part of the Horizon 2020 support that commercialised the curved graphene still at the base of every product the company sells. Eleven years later we prepared the winning Innovation Fund application, a project started in 2026 (€79.2 million) for SB-VARKAUS, a first-of-a-kind battery plant at Varkaus, Finland, scaling SuperBattery production to industrial volume.