diff --git a/src/frequenz/core/sentinels.py b/src/frequenz/core/sentinels.py
new file mode 100644
index 0000000..2236c74
--- /dev/null
+++ b/src/frequenz/core/sentinels.py
@@ -0,0 +1,185 @@
+# License: MIT
+# Copyright © 2021-2022 Tal Einat
+# Copyright © 2024 Frequenz Energy-as-a-Service GmbH
+# Based on:
+# https://github.com/taleinat/python-stdlib-sentinels/blob/9fdf9628d7bf010f0a66c72b717802c715c7d564/sentinels/sentinels.py
+
+"""Create unique sentinel objects.
+
+This module provides a class, [`Sentinel`][frequenz.core.sentinels], which can be used
+to create unique sentinel objects as specified by [`PEP
+661`](https://peps.python.org/pep-0661/).
+"""
+
+
+import sys as _sys
+from threading import Lock as _Lock
+from typing import Self, cast
+
+__all__ = ["Sentinel"]
+
+
+# Design and implementation decisions:
+#
+# The first implementations created a dedicated class for each instance.
+# However, once it was decided to use Sentinel for type signatures, there
+# was no longer a need for a dedicated class for each sentinel value on order
+# to enable strict type signatures.  Since class objects consume a relatively
+# large amount of memory, the implementation was changed to avoid this.
+#
+# With this change, the mechanism used for unpickling/copying objects needed
+# to be changed too, since we could no longer count on each dedicated class
+# simply returning its singleton instance as before.  __reduce__ can return
+# a string, upon which an attribute with that name is looked up in the module
+# and returned.  However, that would have meant that pickling/copying support
+# would depend on the "name" argument being exactly the name of the variable
+# used in the module, and simply wouldn't work for sentinels created in
+# functions/methods.  Instead, a registry for sentinels was added, where all
+# sentinel objects are stored keyed by their name + module name.  This is used
+# to look up existing sentinels both during normal object creation and during
+# copying/unpickling.
+
+
+class Sentinel:
+    """Create a unique sentinel object.
+
+    Sentinel objects are used to represent special values, such as "no value" or "not
+    computed yet". They are used in place of [`None`][] to avoid ambiguity, since `None`
+    can be a valid value in some cases.
+
+    For more details, please check [`PEP 661`](https://peps.python.org/pep-0661/).
+
+    Example:
+        ```python
+        from frequenz.core.sentinels import Sentinel
+        from typing import assert_type
+
+        MISSING = Sentinel('MISSING')
+
+        def func(value: int | MISSING) -> None:
+            if value is MISSING:
+                assert_type(value, MISSING)
+            else:
+                assert_type(value, int)
+        ```
+    """
+
+    _name: str
+    _repr: str
+    _bool_value: bool
+    _module_name: str
+
+    def __new__(
+        cls,
+        name: str,
+        repr: str | None = None,  # pylint: disable=redefined-builtin
+        bool_value: object = True,
+        module_name: str | None = None,
+    ) -> Self:
+        """Create a new sentinel object.
+
+        Args:
+            name: The fully-qualified name of the variable to which the return value
+                shall be assigned.
+            repr: The `repr` of the sentinel object. If not provided, "<name>" will be
+                used (with any leading class names removed).
+            bool_value: The boolean value of the sentinel object.
+            module_name: The fully-qualified name of the module in which the sentinel is
+                created. If not provided, the module name will be inferred from the call
+                stack.
+
+        Returns:
+            A unique sentinel object.
+        """
+        name = str(name)
+        repr = str(repr) if repr else f'<{name.split(".")[-1]}>'
+        bool_value = bool(bool_value)
+        if not module_name:
+            parent_frame = _get_parent_frame()
+            module_name = (
+                parent_frame.f_globals.get("__name__", "__main__")
+                if parent_frame is not None
+                else __name__
+            )
+
+        # Include the class's module and fully qualified name in the
+        # registry key to support sub-classing.
+        registry_key = _sys.intern(
+            f"{cls.__module__}-{cls.__qualname__}-{module_name}-{name}"
+        )
+        sentinel = _registry.get(registry_key, None)
+        if sentinel is not None:
+            return cast(Self, sentinel)
+        sentinel = super().__new__(cls)
+        sentinel._name = name
+        sentinel._repr = repr
+        sentinel._bool_value = bool_value
+        sentinel._module_name = module_name
+        with _lock:
+            return cast(Self, _registry.setdefault(registry_key, sentinel))
+
+    def __repr__(self):
+        """Return a string representation of the sentinel object."""
+        return self._repr
+
+    def __bool__(self):
+        """Return the boolean value of the sentinel object."""
+        return self._bool_value
+
+    def __reduce__(self):
+        """Return the sentinel object's representation for pickling and copying."""
+        return (
+            self.__class__,
+            (
+                self._name,
+                self._repr,
+                self._bool_value,
+                self._module_name,
+            ),
+        )
+
+
+# We ignore checks for the rest of the file, as this is an external implementation and
+# we hope this module gets added to the Python standard library eventually.
+# pylint: disable-all
+# mypy: ignore-errors
+# type: ignore
+
+_lock = _Lock()
+_registry: dict[str, Sentinel] = {}
+
+
+# The following implementation attempts to support Python
+# implementations which don't support sys._getframe(2), such as
+# Jython and IronPython.
+#
+# The version added to the stdlib may simply return sys._getframe(2),
+# without the fallbacks.
+#
+# For reference, see the implementation of namedtuple:
+# https://github.com/python/cpython/blob/67444902a0f10419a557d0a2d3b8675c31b075a9/Lib/collections/__init__.py#L503
+def _get_parent_frame():
+    """Return the frame object for the caller's parent stack frame."""
+    try:
+        # Two frames up = the parent of the function which called this.
+        return _sys._getframe(2)
+    except (AttributeError, ValueError):
+        global _get_parent_frame
+
+        def _get_parent_frame():
+            """Return the frame object for the caller's parent stack frame."""
+            try:
+                raise Exception
+            except Exception:
+                try:
+                    return _sys.exc_info()[2].tb_frame.f_back.f_back
+                except Exception:
+                    global _get_parent_frame
+
+                    def _get_parent_frame():
+                        """Return the frame object for the caller's parent stack frame."""
+                        return None
+
+                    return _get_parent_frame()
+
+        return _get_parent_frame()
diff --git a/tests/test_sentinels.py b/tests/test_sentinels.py
new file mode 100644
index 0000000..f39fd0e
--- /dev/null
+++ b/tests/test_sentinels.py
@@ -0,0 +1,120 @@
+# License: MIT
+# Copyright © 2021-2022 Tal Einat
+# Copyright © 2024 Frequenz Energy-as-a-Service GmbH
+# Based on:
+# https://github.com/taleinat/python-stdlib-sentinels/blob/9fdf9628d7bf010f0a66c72b717802c715c7d564/test/test_sentinels.py
+
+"""Test the `sentinels` module."""
+
+import copy
+import pickle
+import unittest
+
+from frequenz.core.sentinels import Sentinel
+
+sent1 = Sentinel("sent1")
+sent2 = Sentinel("sent2", repr="test_sentinels.sent2")
+
+
+class TestSentinel(unittest.TestCase):
+    """Test the `Sentinel` class."""
+
+    def setUp(self) -> None:
+        """Set up the test case."""
+        self.sent_defined_in_function = Sentinel("defined_in_function")
+
+    def test_identity(self) -> None:
+        """Test that the same sentinel object is returned for the same name."""
+        for sent in sent1, sent2, self.sent_defined_in_function:
+            with self.subTest(sent=sent):
+                self.assertIs(sent, sent)
+                self.assertEqual(sent, sent)
+
+    def test_uniqueness(self) -> None:
+        """Test that different names result in different sentinel objects."""
+        self.assertIsNot(sent1, sent2)
+        self.assertNotEqual(sent1, sent2)
+        self.assertIsNot(sent1, None)
+        self.assertNotEqual(sent1, None)
+        self.assertIsNot(sent1, Ellipsis)
+        self.assertNotEqual(sent1, Ellipsis)
+        self.assertIsNot(sent1, "sent1")
+        self.assertNotEqual(sent1, "sent1")
+        self.assertIsNot(sent1, "<sent1>")
+        self.assertNotEqual(sent1, "<sent1>")
+
+    def test_same_object_in_same_module(self) -> None:
+        """Test that the same sentinel object is returned for the same name in the same module."""
+        copy1 = Sentinel("sent1")
+        self.assertIs(copy1, sent1)
+        copy2 = Sentinel("sent1")
+        self.assertIs(copy2, copy1)
+
+    def test_same_object_fake_module(self) -> None:
+        """Test that the same sentinel object is returned for the same name in a fake module."""
+        copy1 = Sentinel("FOO", module_name="i.dont.exist")
+        copy2 = Sentinel("FOO", module_name="i.dont.exist")
+        self.assertIs(copy1, copy2)
+
+    def test_unique_in_different_modules(self) -> None:
+        """Test that different modules result in different sentinel objects."""
+        other_module_sent1 = Sentinel("sent1", module_name="i.dont.exist")
+        self.assertIsNot(other_module_sent1, sent1)
+
+    def test_repr(self) -> None:
+        """Test the `repr` of sentinel objects."""
+        self.assertEqual(repr(sent1), "<sent1>")
+        self.assertEqual(repr(sent2), "test_sentinels.sent2")
+
+    def test_type(self) -> None:
+        """Test the type of sentinel objects."""
+        self.assertIsInstance(sent1, Sentinel)
+        self.assertIsInstance(sent2, Sentinel)
+
+    def test_copy(self) -> None:
+        """Test that `copy` and `deepcopy` return the same object."""
+        self.assertIs(sent1, copy.copy(sent1))
+        self.assertIs(sent1, copy.deepcopy(sent1))
+
+    def test_pickle_roundtrip(self) -> None:
+        """Test that pickling and unpickling returns the same object."""
+        self.assertIs(sent1, pickle.loads(pickle.dumps(sent1)))
+
+    def test_bool_value(self) -> None:
+        """Test that the sentinel object is falsy."""
+        self.assertTrue(sent1)
+        self.assertTrue(Sentinel("I_AM_TRUTHY"))
+        self.assertFalse(Sentinel("I_AM_FALSY", bool_value=False))
+
+    def test_automatic_module_name(self) -> None:
+        """Test that the module name is inferred from the call stack."""
+        self.assertIs(
+            Sentinel("sent1", module_name=__name__),
+            sent1,
+        )
+        self.assertIs(
+            Sentinel("defined_in_function", module_name=__name__),
+            self.sent_defined_in_function,
+        )
+
+    def test_subclass(self) -> None:
+        """Test that subclassing `Sentinel` works as expected."""
+
+        class FalseySentinel(Sentinel):
+            """A sentinel object which is falsy."""
+
+            def __bool__(self) -> bool:
+                """Return `False`."""
+                return False
+
+        subclass_sent = FalseySentinel("FOO")
+        self.assertIs(subclass_sent, subclass_sent)
+        self.assertEqual(subclass_sent, subclass_sent)
+        self.assertFalse(subclass_sent)
+        non_subclass_sent = Sentinel("FOO")
+        self.assertIsNot(subclass_sent, non_subclass_sent)
+        self.assertNotEqual(subclass_sent, non_subclass_sent)
+
+
+if __name__ == "__main__":
+    unittest.main()