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Secondary Thoughts by Siena: Interview with Taavi Madiberk
This is Secondary Thoughts by Siena — an interview series where legendary entrepreneurs and investors reflect on their investments and broader professional journeys, speaking openly about their wins and losses.
Today’s guest is Taavi Madiberk, the founder and CEO of Skeleton Technologies, a leader in fast-charging, high-power energy storage across the grid, AI, mobility, and industrial sectors. He is also a co-founder of Frankenburg Technologies, a defense company developing technologies designed to win the wars of the future, and the non-executive chair of Stargate Hydrogen, which provides turnkey solutions for hydrogen projects. Collectively, Madiberk has raised close to half a billion euros to fund and grow these ventures.
The series is produced by Siena, a boutique VC fund focused on secondary investments in high-growth scaleups from the CEE and Nordics. Its portfolio includes success stories such as Bolt, Oura, and Booksy.
Taavi Madiberk, the CEO & Co-Founder of Skeleton Technologies
1. Can you share your vision for Skeleton Technologies? Where do you see the company in the next 5 to 10 years?
I want Skeleton to be the leader in high-power solutions for mission-critical applications globally. We invented curved graphene-based supercapacitors, the technology behind our integrated solutions for AI infrastructure, power grids, robotics, defense, and next-generation mobility. Over the next five years, we’ll scale our operations and manufacturing beyond Europe, with our systems embedded in the world’s largest AI data centers operated by leading hyperscalers. Our energy storage technologies will be key to building more powerful, energy-efficient AI infrastructure—directly enabling the next wave of AI innovation. As core components of the global AI ecosystem, our solutions will help drive the AI revolution worldwide.
We’ll also continue preventing blackouts and modernizing power grids, as we already do in Germany. Our mission is clear: to maximize the efficiency and resilience of AI infrastructure and advanced power systems. In doing so, we’re powering the AI revolution and accelerating the global transition to clean energy. This is the impact we’re building Skeleton to deliver—at the intersection of intelligent systems and sustainable energy.
2. We’d also love to hear what you're building with Frankenburg Technologies and Stargate Hydrogen.
My role as CEO of Skeleton Technologies is highly demanding and takes up most of my time. At Frankenburg Technologies and Stargate Hydrogen, I serve as non-executive chairman, working alongside two outstanding CEOs: Kusti Salm at Frankenburg and Marko Virkebau at Stargate.
With Frankenburg Technologies, our mission is clear: defend Europe and equip the free world with the technology to win. We're in the rocket science business, building air defense systems with missiles that are ten times more affordable and a hundred times faster to produce. This isn’t about incremental change—it’s about rewriting the rules of defense manufacturing.
Today, no European army can effectively counter large-scale drone assaults like those in Ukraine—swarms of low-cost Shahed drones that overwhelm traditional systems. We can shoot some down, but not sustainably—not when each interceptor missile costs hundreds of thousands of euros and stockpiles are limited. The current military-industrial model is too slow, expensive, and rigid to meet the pace of modern threats. We’re building systems that are scalable, partially disposable, and made from commercial components. Fast, flexible, and free from legacy constraints—that’s our model.
”The idea that European industry is in decline is not only wrong—it’s dangerous.”
Stargate Hydrogen, launched in 2021, was built around a similar principle: affordability and scalability in the face of industrial realities. We target sectors like steel, fertilizer, and chemicals—industries that won’t decarbonize unless green hydrogen becomes radically more cost-effective. That’s our mission: not just to believe in net zero, but to make it technically and economically feasible.
What unites these three ventures is a shared conviction: the idea that European industry is in decline is not only wrong—it’s dangerous. We're not locked into technological dependency on the U.S. or China. Europe can lead again, but only through bold innovation, not nostalgia. Whether we’re talking about AI data centers, clean energy, or defense systems, this is all fundamentally about security and strategic autonomy. We can, and must, build the technologies in Europe that will make us stronger, safer, and globally competitive.
3. Looking back at the investments that you have made, which of them have surprised you the most – either by outperforming your expectations or falling short?
I want to highlight Stargate Hydrogen because, amid all the noise about cleantech losing momentum, we’ve taken a very different path. It’s true that political shifts in the U.S., the rise of AI, and increased defense budgets have redirected attention and capital. But this has also clarified where real value lies: in execution, not hype. In electrolysers — as in any sector — European competitiveness demands more than “Made in Europe”; it requires true, material-level differentiation.
While others are scaling back, we’ve just opened our new factory in Tallinn. This isn’t a massive, flashy gigafactory—it’s modular, demand-driven, and fully booked through the end of 2025. We’re already shipping turnkey systems to Europe, Türkiye, India, and the Middle East. That’s how we build a sustainable business—and why Stargate Hydrogen is emerging as a serious industrial force in green hydrogen.
4. What have been some regrets in your professional life where you wish you invested more (time or money) but didn’t at the time? How do you feel about them now looking back in time?
In hindsight, I would have spent more time learning from the experiences of founders who successfully scaled industrial tech companies. These examples are still too few in Europe, which makes it easy to default to traditional manufacturing or corporate management models when building something at scale. But scaling a company isn’t just about structure and delegation—it’s about staying connected to the people driving the work, beyond just the executive team.
European leadership tends to value process and consensus, but I’ve learned that clarity, direct engagement, and founder-level curiosity remain essential even as the organisation grows. Reading about the tension between 'founder' and 'manager' mindsets—particularly through the lens of others who’ve built large-scale companies—has helped me lead more proactively, avoid preventable issues, and stay focused on long-term execution.
Lightning Round
The second half of the interview consists of short questions that require only short answers. The questions are the same for all the guests in the Secondary Thoughts interview series.
5. What’s always in your carry-on?
My headphones. I am an avid consumer of podcasts about management, business, and global affairs.
6. What’s your most irrational habit?
Probably powerlifting. Despite the occasional injury, there's something undeniably satisfying about testing my limits and going really heavy every now and then.
7. If you weren’t doing this, you’d be…?
Without powerlifting, maybe I would never be injured, but I would be lacking energy and would not be as happy!
8. One app you wish didn’t exist?
I’d say Telegram. Given its ties to Russian authorities and lack of accountability, I see it as a major risk. It’s very popular across Europe, while being also a platform for disinformation, extremist content, and Russian influence operations.
9. What’s one thing you collect (on purpose or not)
Unfortunately, airline miles. I wish I was spending more time in Estonia.
Madiberk and Alar Karis, the President of Estonia,
visiting Skeleton’s new factory in Germany.