March 15, 2021

Subject: News / Press release

Polarium Performs Strongly in 2020 with Continued Profitable Growth

2020 was another strong year for Polarium with continued profitable growth. Sales amounted to SEK 742 million and operating profit (EBITDA) was SEK 100 million. The company has a leading position in the energy storage market, where digitalization, electrification, and sustainability are key drivers. Polarium is now targeting sales of more than SEK 1.25 billion in 2021.

Polarium was founded in 2015 based on the realization that energy storage based on lithium-ion technology will be crucial for a smart, connected, and sustainable world. Since then, the company has installed more than 250,000 solutions for telecom and tower companies in more than 60 countries and has doubled sales annually.

“Our energy storage systems are used as energy reserves in mobile phone networks to ensure that connection is never lost. This will become increasingly critical as the world becomes smarter and more connected, especially as 5G networks are rolled out. Demand for our products and services is strong,” says Stefan Jansson, founder and CEO of Polarium.

Polarium performed strongly in 2020 with organic growth of 62 percent and sales of SEK 742 million. Operating profit (EBITDA) was SEK 100 million, corresponding to an operating margin of 13.5 percent.

Despite the outbreak of Covid-19 having an impact on Polarium’s operations in the form of guidelines for remote working, testing of factory workers, and reduced travel, opportunities also emerged. People, companies, and society at large have relied more on digital solutions, which has reinforced the importance of having reliable telecommunications systems.

“I’m proud of the journey that Polarium has made ever since it started. We always put the customer first and develop market-leading products based on real demand and stated needs. This, in combination with our focus on profitability, has enabled us to stand firm in the face of the current pandemic,” says Jansson.

Strategic Investments in Factories, Products, and New Business Segments
To meet the increased demand and create a more diversified value chain, in 2020 Polarium decided to open a new factory in Vietnam, with production scheduled to start in April 2021.

Polarium also increased its headcount by 140 during the year to strengthen all departments. As part of this process, the company established a new product organization, which dedicatedly works with product development and digital solutions. In 2021, the number of employees is expected to increase at the same pace, to meet customers’ needs in the telecom segment and the newly established business segment.

At the end of 2020, Polarium decided to enter the fast-growing segment of energy storage for commercial and industrial properties (C&I). In conjunction with this move, the company carried out rebranding work and a name change from Incell International to Polarium to better align with its future plans.

“The underlying problem we solve is the same for our customers in telecom and for commercial and industrial properties: to reduce costs as well as environmental impact through energy storage. With our expertise from the telecom segment, we will grow our new business segment competitively in the coming year,” says Jansson.

Entering 2021 with Good Momentum
Polarium enters 2021 with a leading position in a growing market where digitalization, electrification, and sustainability are key drivers. The company will continue to act on its strategy to deliver profitable growth and reach its goal of having sales of SEK 1.25 billion in 2021 and sales of SEK 5 billion in 2023.

To achieve this, Polarium will focus on developing its offering for commercial and industrial properties, launching new products and digital solutions, and presenting sustainability initiatives. Not least, the company will soon introduce one of the world’s most sustainable telecom batteries.

 

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 based in Mexico. 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.

Prior to November 2020, Polarium was known as Incell International.

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