diff --git a/soc/arm/silabs_exx32/common/soc.c b/soc/arm/silabs_exx32/common/soc.c
index 7e02a42bcc7..3537ac9b3c4 100644
--- a/soc/arm/silabs_exx32/common/soc.c
+++ b/soc/arm/silabs_exx32/common/soc.c
@@ -27,6 +27,11 @@
 #include <sl_device_init_hfxo.h>
 #include <sl_device_init_nvic.h>
 
+#ifdef CONFIG_PM
+#include <sl_hfxo_manager.h>
+#include <sl_power_manager.h>
+#endif
+
 #endif
 
 LOG_MODULE_REGISTER(soc, CONFIG_SOC_LOG_LEVEL);
@@ -205,6 +210,12 @@ static int silabs_exx32_init(const struct device *arg)
 	sl_device_init_hfxo();
 	sl_device_init_dpll();
 	sl_device_init_emu();
+
+#ifdef CONFIG_PM
+	sl_power_manager_init();
+	sl_hfxo_manager_init();
+#endif
+
 #else
 
 #ifdef CONFIG_SOC_GECKO_EMU_DCDC
diff --git a/soc/arm/silabs_exx32/common/soc_power.c b/soc/arm/silabs_exx32/common/soc_power.c
index a0ba7104a16..99c9b119e1a 100644
--- a/soc/arm/silabs_exx32/common/soc_power.c
+++ b/soc/arm/silabs_exx32/common/soc_power.c
@@ -1,15 +1,28 @@
 /*
  * Copyright (c) 2018, Piotr Mienkowski
+ * Copyright (c) 2023, Antmicro <www.antmicro.com>
  *
  * SPDX-License-Identifier: Apache-2.0
  */
 #include <zephyr/kernel.h>
+#include <zephyr/logging/log.h>
 #include <zephyr/pm/pm.h>
 #include <em_emu.h>
 
-#include <zephyr/logging/log.h>
+#include <zephyr/device.h>
+#include <zephyr/drivers/counter.h>
+
 LOG_MODULE_DECLARE(soc, CONFIG_SOC_LOG_LEVEL);
 
+#ifdef CONFIG_SOC_GECKO_DEV_INIT
+#include <sl_power_manager.h>
+
+static const struct device *const counter_dev = DEVICE_DT_GET(DT_NODELABEL(stimer0));
+static struct counter_alarm_cfg wakeup_cfg = {
+	.callback = NULL
+};
+#endif
+
 /*
  * Power state map:
  * PM_STATE_RUNTIME_IDLE: EM1 Sleep
@@ -24,6 +37,52 @@ __weak void pm_state_set(enum pm_state state, uint8_t substate_id)
 
 	LOG_DBG("SoC entering power state %d", state);
 
+#ifdef CONFIG_SOC_GECKO_DEV_INIT
+	sl_power_manager_em_t energy_mode;
+
+	/* Save RTCC IRQ priority */
+	uint32_t rtcc_prio = NVIC_GetPriority(RTCC_IRQn);
+	/*
+	 * When this function is entered the Kernel has disabled handling interrupts
+	 * with priority other than 0. The Interrupt for the timer used to wake up
+	 * the cpu has priority equal to 1. Manually set this priority to 0 so that
+	 * cpu could exit sleep state.
+	 *
+	 * Note on priority value: set priority to -1 because z_arm_irq_priority_set
+	 * offsets the priorities by 1.
+	 * This function call will effectively set the priority to 0.
+	 */
+	z_arm_irq_priority_set(RTCC_IRQn, -1, 0);
+
+	switch (state) {
+
+	case PM_STATE_STANDBY:
+		energy_mode = SL_POWER_MANAGER_EM3;
+
+		/* Limit sleep level to given state */
+		sl_power_manager_add_em_requirement(energy_mode);
+
+		counter_start(counter_dev);
+		counter_set_channel_alarm(counter_dev, 0, &wakeup_cfg);
+		sl_power_manager_sleep();
+		k_cpu_idle();
+		counter_stop(counter_dev);
+
+		/* Remove sleep level limit */
+		sl_power_manager_remove_em_requirement(energy_mode);
+		break;
+
+	default:
+		LOG_DBG("Unsupported power state %u", state);
+		break;
+	}
+
+	LOG_DBG("SoC leaving power state %d", state);
+
+	/* Restore RTCC IRQ priority */
+	z_arm_irq_priority_set(RTCC_IRQn, (rtcc_prio - 1), 0);
+#else
+
 	/* FIXME: When this function is entered the Kernel has disabled
 	 * interrupts using BASEPRI register. This is incorrect as it prevents
 	 * waking up from any interrupt which priority is not 0. Work around the
@@ -55,6 +114,8 @@ __weak void pm_state_set(enum pm_state state, uint8_t substate_id)
 
 	/* Clear PRIMASK */
 	__enable_irq();
+
+#endif
 }
 
 /* Handle SOC specific activity after Low Power Mode Exit */
@@ -63,3 +124,37 @@ __weak void pm_state_exit_post_ops(enum pm_state state, uint8_t substate_id)
 	ARG_UNUSED(state);
 	ARG_UNUSED(substate_id);
 }
+
+#if defined(CONFIG_SOC_GECKO_DEV_INIT) && defined(CONFIG_PM_POLICY_CUSTOM)
+/* CONFIG_PM_POLICY_CUSTOM allows us to set the next alarm to a specific number
+ * of ticks in the future. This is needed for the Gecko SleepTimer to wake up
+ * the device properly.
+ */
+static const struct pm_state_info pm_min_residency[] =
+	PM_STATE_INFO_LIST_FROM_DT_CPU(DT_NODELABEL(cpu0));
+struct pm_state_info pm_state_active = {PM_STATE_ACTIVE, 0, 0, 0};
+
+struct pm_state_info *pm_policy_next_state(uint8_t cpu, int32_t ticks)
+{
+	int i;
+
+	for (i = ARRAY_SIZE(pm_min_residency) - 1; i >= 0; i--) {
+
+		if ((ticks == K_TICKS_FOREVER) ||
+		    (ticks >= k_us_to_ticks_ceil32(
+			     pm_min_residency[i].min_residency_us))) {
+			LOG_DBG("Selected power state %d "
+				"(ticks: %d, min_residency: %u)",
+				pm_min_residency[i].state, ticks,
+				pm_min_residency[i].min_residency_us);
+
+			/* Busy waiting for 1 tick to flush UART buffer */
+			k_busy_wait(k_ticks_to_us_floor32(1));
+			wakeup_cfg.ticks = ticks;
+
+			return ((struct pm_state_info *) &pm_min_residency[i]);
+		}
+	}
+	return (struct pm_state_info *)(&pm_state_active);
+}
+#endif
diff --git a/soc/arm/silabs_exx32/efr32bg22/Kconfig.defconfig.series b/soc/arm/silabs_exx32/efr32bg22/Kconfig.defconfig.series
index 0e496c19737..6f2785f6175 100644
--- a/soc/arm/silabs_exx32/efr32bg22/Kconfig.defconfig.series
+++ b/soc/arm/silabs_exx32/efr32bg22/Kconfig.defconfig.series
@@ -18,6 +18,11 @@ config NUM_IRQS
 config PM
 	select COUNTER
 
+choice PM_POLICY
+	default PM_POLICY_CUSTOM
+	depends on PM
+endchoice
+
 source "soc/arm/silabs_exx32/efr32bg22/Kconfig.defconfig.efr32bg22"
 
 endif # SOC_SERIES_EFR32BG22