Polarium, a Stockholm-based firm focused on offering safe and long-lasting energy storage solutions based on lithium-ion technology said that it has raised SEK 955M (about $100M) in a new round of funding.
The company has now been valued at $1B, making it the latest Swedish unicorn joining the club with BNPL giant Klarna, Voi, Spotify, Tink and more.
According to Polarium, the funds raised will allow the company to maintain its rapid growth rate, accelerate innovation, and invest in all areas.
“We’ve been on a tremendous growth journey from day one. Switching from diesel generators and lead-acid batteries for reserve power to smart lithium-based solutions is assisting the telecom sector in reducing its carbon footprint and increasing its profitability. We are well-positioned to drive our expansion in reserve power with AMF as our partner, and to leverage that knowledge to capture more of the ever-growing market for energy optimization,” Stefan Jansson, CEO and founder of Polarium adds.
In 2021, the Swedish company had a CAGR of approximately 150 percent, with net sales of SEK 1.1B and EBITDA of SEK 83M.
Energy storage solutions
Polarium was founded in 2015 by Stefan Jansson with the goal of developing the “greatest” energy storage systems in the world. With innovative modular energy storage systems based on lithium-ion technology, it aims to empower a sustainable future.`
Polarium claims that by storing energy when prices are low and dispatching when prices are high, selling surplus energy back to the grid, and maximising the use of renewables, its energy storage solutions with added energy optimisation technology enable end-users to optimise their energy usage and costs.
Energy storage solutions are offered to the telecom, commercial, and industrial markets. Manufacturing takes place in Mexico, Vietnam, and South Africa, with the company’s headquarters and R&D centre in Sweden.
Through its global sales channels and presence in Indonesia, New Zealand, Sweden, South Africa, the United Kingdom, and the United States, the company serves customers all over the world.
“Today, our market-leading solutions are in use on all continents and climate zones – from the Equator to the Arctic – ensuring that energy flows never stop, while enabling our customers to cut energy expenditures and carbon impact,” the business states.
Polarium’s new plant in Cape Town, South Africa was inaugurated on April 28. When fully operational, the new factory will be capable of producing more than 300,000 batteries per year, or 4 Gigawatt hours.
AMF:The new investor
AMF, one of Sweden’s largest pension organisations with over 4M customers, made the investment.
AMF claims to be one of Sweden’s major occupational pension organisations and one of the largest investors on Nasdaq OMX Nordic Stockholm, with SEK 800B in assets under management. The Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise jointly own AMF, which is run on mutual principles, with all earnings going back to customers.
