Polarium publishes Annual and Sustainability Report for 2023

Polarium, a leading provider of energy storage solutions, publishes its Annual and Sustainability Report for 2023.

The report reflects Polarium’s challenges during 2023, resulting in lower revenue, pressured margins, and high inventory levels compared to 2022. This is a result of high customer dependency, longer sales cycles, delivery lead-times, and order conversion issues, leading to a 48% YoY sales decline.

Polarium has refocused and launched a new strategic plan, aiming to improve cost efficiency and cash conversion. These efforts will continue until we achieve our objective of returning Polarium to growth and profitability.

Carl-Erik Lagercrantz, CEO of Vargas Holding and Chairman of Polarium, said: “Reflecting on the past year, our focus on execution has been crucial during Polarium’s most challenging period to date. As challenges persist into the first half of 2024, we will continue to improve cost efficiency and cash conversion until we return Polarium back to growth and profitability, while also preparing for the massive long-term opportunities.”

Clas Gunneberg, CEO of Polarium, added: “Historically, Polarium’s business has been heavily reliant on a selected group of Telecom customers. We are now making a strategic shift to reduce our customer dependency and diversify our revenue streams into new market segments. I am fully committed to driving these efforts forward with a clear mandate for change.”

Gunneberg continued, “Sustainability remains at the heart of our mission, and this year’s integrated annual report underscores that commitment. For the first time, we have included Scope 3 emissions, marking a crucial step towards formulating and submitting our Science Based Targets with the SBTi.”

Contact
Polarium Press:
Olivia Lindelöf
press@polarium.com
+46728867537
www.polarium.com

About Polarium
Polarium is a leading energy storage developer. We make energy storage and optimization solutions built on lithium-ion battery technology for businesses within telecom, commercial, industrial and residential facilities across the world. Polarium was founded in 2015 on the conviction that safe, smart and sustainable energy storage solutions will be key to empower the transition to a truly, sustainable energy future. We are an impact business contributing to the sustainable energy transformation by enabling renewables, electrification and intermittent power supply. Our cutting-edge and easily adaptable modular battery technology enables us to be in the forefront of developing state-of-the-art sustainable energy storage and optimization solutions for today – and tomorrow. Polarium is headquartered in Stockholm, with production in South Africa and Vietnam, customers across the world from Ghana to Svalbard and ∼500 employees.

The Annual and Sustainability Report for 2023 can be downloaded below.