November 26, 2020

Subject: Press release / News

Polarium establishes a new factory in Vietnam

Polarium takes the next step in their growth journey by setting up a new factory in Vietnam, with first production predicted to take place in April 2021. The factory will enable Polarium to better serve the increasing number of customers in the Asia-Pacific region while simultaneously reduce environmental footprint.

Since the foundation of Polarium in 2015, the fast-growing Swedish company has already installed more than 250,000 lithium-powered energy storage solutions on all continents. Now, it is time to take the next step in the company’s expansion plan. To meet the increasing demand in the Asia-Pacific region, Polarium will open a second manufacturing site in the Hai Phong area in Northern Vietnam.

Through the new factory, Polarium will be closer to both customers and suppliers in the Asia-Pacific region, which decreases lead times in their supply chain as well as their environmental footprint.

“We see great growth potential in the Asia-Pacific region. By establishing a factory in Vietnam, we will be closer to our customers and suppliers, and hence be able to deliver our products even quicker and with less impact on the environment. We actively work to decrease carbon dioxide emissions in our supply chain and manufacturing and believe that this is key for satisfying our customers”, says Stefan Jansson, founder and CEO of Polarium.

Investments of 20 million SEK have been made to realize the new manufacturing site in the Hai Phong area. Under the lead of the newly recruited site manager Rickard Kreutz, approximately 70 new employees will be hired by the beginning of 2021. By the end of that year, the Vietnamese factory is expected to have more than 100 employees and hence has contributed to additional employment opportunities for locals in the area.

The new manufacturing site is situated within the ASEAN free trade area, which facilitates local trade and production. At the same time, the factory has capacity to serve Polarium’s customers worldwide. The production line of the company, to date, has primarily been in their manufacturing site in Mexico. Through the establishment of the Vietnam factory, the company’s production and supply chain become more diversified and less sensitive for potential disruptions, such as the ones cause by the current Covid-19 pandemic.

“This is an important step in our expansion plan. In order to deliver the best performing, safe and sustainable energy storage solutions to our customers worldwide, it is crucial to have a robust supply chain with multiple manufacturing sites”, Stefan Jansson concludes.

About Polarium

Polarium is a Swedish company dedicated to providing the best performing, safe, and sustainable energy storage solutions built on lithium-ion technology. The company was founded in 2015 based on the idea of how energy storage could empower a smart and sustainable world. Polarium’s headquarters and R&D center are situated in Sweden and the manufacturing in Mexico. Through its global sales channels and representation in the US, South Africa and Indonesia, Polarium serves customers worldwide. Today, our market-leading solutions are in use on all continents and in 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.

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