Polarium Welcomes Alecta, Formica Capital and Absolute Unlisted as New Owners

18th October, 2022

In a coordinated transaction, the Swedish pension company Alecta alongside Swedish investors Formica Capital and Absolute Unlisted, a part of the investment manager Coeli, have purchased a total of SEK 1.1B+ in existing Polarium shares. The transaction was made on the same terms and valuation as the equity raised in the spring and summer of 2022.

Polarium, founded in 2015, is on a journey to empower a sustainable world with smart solutions for energy storage and energy optimization built on lithium-ion technology. The fast-growing Swedish unicorn had a CAGR of ~150 percent between 2016-2021 and generated net sales of SEK 1.1B and an EBITDA of SEK 83M in 2021.

Alecta, Formica and Absolute Unlisted have invested in Polarium by acquiring existing shares to a total of SEK 1.1B+ from founders and early investors in the company. The transaction was done on the same terms and valuation per share as the equity raised in the spring and summer of 2022.

“I am very pleased to welcome new investors to Polarium. We have a very strong group of owners with outstanding reach in the north European financial community. With this, our ownership base is broadened further giving Polarium superb conditions on our continued growth journey.”, says Stefan Jansson, CEO and founder of Polarium.

With this transaction, Polarium continues to add to its circle of well-renowned owners, containing AMF, Vargas, Roosgruppen and Beijer Invest, among others.

“Polarium is at the forefront of battery technology and energy optimization solutions and has already succeeded in achieving a strong market position globally. Founder and CEO Stefan Jansson and main owner Vargas also have significant experience and confidence in the battery sector. We are happy to become an investor and assess that this will give good returns in the long term to Alecta’s customers.”, says Liselott Ledin, Head of Equity Management at Alecta.

“We are impressed by Polarium’s journey so far and very excited about the future. Polarium, with its great team and solutions, fits perfect in our mission to invest in purpose-driven outstanding businesses that help accelerate the shift to a more sustainable society.”, says Teresa Enander, COO of Formica Capital

“Absolute Unlisted is delighted to become an investor in Polarium. We are impressed with what Stefan and the team have accomplished. Polarium is just in time for the rising degree of volatility in the electricity price and the change to renewable energy. Polarium’s offering is becoming increasingly important, and we are happy to be a part of this journey,” says Mikael Petersson, Founding Partner at Absolute Unlisted.

The transaction 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.

About Polarium
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

About Alecta
Alecta manages collectively agreed occupational pensions. Since 1917, Alecta’s mission has been to provide the best possible occupational pensions for their corporate and private customers with a focus on high returns, great customer service and low costs. September 30, 2022 Alecta managed approximately 1100 billion SEK for their owners – 2,6 million private clients, and 35 000 corporate clients. www.alecta.se

About Formica Capital
Formica Capital is a Swedish investment company with a long-term ownership strategy. It is owned by the Olsson Eriksson family. Formica Capital creates value by being an active owner in profitable and long-term sustainable companies, that positively impacts society. www.formicacapital.se

About Absolute Unlisted
Absolute Unlisted was founded, and is managed, by the successful hedge fund manager Mikael Petersson, in partnership with the Swedish investment manager Coeli.

Absolute Unlisted AB primarily focus on investing in European unlisted companies, in a pre-IPO phase, to create a portfolio with an attractive risk/reward profile. This investment philosophy and strategy is similar to what Mikael Petersson and his team currently deploys in other fund structures. The company has currently raised approximately 600 million SEK from Coeli’s client base alongside investors from Petersson’s network. The investments stems from Petersson’s unique network, which enables the team to create a portfolio of companies that are usually closed for private investors.

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