Polarium has raised an additional SEK 178M to continue its rapid expansion. The investment was done on a $1B+ valuation and include three Swedish investors.
Polarium, founded in 2015, is on a journey to empower a sustainable world with smart modular energy storage solutions build on lithium-ion technology. Earlier this year, Polarium became the latest Swedish unicorn when Swedish pension company AMF invested in the company. Today, Polarium welcomes three new investors at the same valuation per share as AMF.
“I am very pleased to welcome our new investors to Polarium. We are growing at a fast pace and as the share of renewable energy continues to increase so will the need for energy storage. With additional investors onboard we are well positioned to continue our rapid expansion”, says Stefan Jansson, CEO and founder of Polarium.
With intermittent renewable energy growing as a share of the energy mix, energy storage plays an increasingly important role in balancing supply and demand. Polarium’s energy storage solutions with added energy optimization technology enables end users to optimize their energy usage and costs by storing energy when prices are low and dispatching it when prices are high, sell surplus energy back to the grid, and maximize the use of renewables.
The investment is the latest of several important milestones for Polarium. This year, Polarium became the latest Swedish unicorn when Swedish pension company AMF invested SEK 955m on a $1B valuation. The company was recognized as one of the fastest growing companies in Europe by the Financial Times’ FT1000-ranking for a second consecutive. On April 28, Polarium opened a new factory in Cape Town, South Africa, in addition to their production facilities in Mexico and Vietnam. The new factory will, when fully operational, have the capacity to produce more than 300.000 batteries annually, equivalent to 4 Gigawatt hours.
In connection with the investment, J.P. Morgan SE acted as sole placement agent to Polarium, and Mannheimer Swartling has been legal advisor.
Polarium provides energy storage solutions built on lithium-ion technology for the telecom, commercial, and industrial segments. Polarium’s headquarters and R&D center are situated in Sweden, with manufacturing in Mexico, Vietnam, and South Africa. Polarium serves customers worldwide through its global sales channels and presence in Indonesia, New Zealand, Sweden, South Africa, the UK, and the US. Today, our market-leading solutions are in use on all continents and all climate zones – from the Equator to the Arctic – ensuring that the flow of energy never stops, while enabling our customers to reduce energy costs and carbon footprint. Read more at polarium.com
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