Swedish battery unicorn Polarium raises €36.7M to fuel its blossoming journey
Polarium, a Swedish energy storage firm, has recently announced its successful €36.7 million funding in a rights issue from its significant owners, including Stefan Jansson Global Invest, Vargas Holding, AMF, and Alecta. The company plans to use the funds to continue its expansion and growth plans.
The company achieved unicorn status last May when it secured €91.84 million from AMF, a leading Swedish pension company. In October, Alecta, Formica Capital, and Absolute Unlisted were announced as new owners after a coordinated transaction saw them purchase over SEK 1.1 billion (about €100 million) in existing Polarium shares.
106% growth in 2023
Polarium was established in 2015 to provide safe and sustainable energy storage solutions to facilitate the shift towards a more environmentally friendly future. The company’s chairman, Carl-Erik Lagercrantz, expresses his aspiration for Polarium to become a leading, fully integrated energy storage provider. He takes pride in the continued support of existing shareholders, which enables the company to continue its growth trajectory. Using lithium-ion battery technology, Polarium develops products to serve various sectors worldwide, including telecommunications, commercial, industrial, and residential. These solutions allow businesses to utilize renewable energy, electrification, and intermittent power supplies.
The company’s net sales in 2022 saw a remarkable increase of 106 percent, reaching €185M (SEK 2.2B), with a gross profit of €51.9M (SEK 618M).
Polarium’s milestones in 2023
Polarium, a Stockholm-based company, achieved several significant milestones in 2023. Earlier this year, Robert Belkic became the new Chief Financial Officer, joining the firm after leaving Hexagon AB, a multinational technology group specializing in metrology and geoanalytics.
In June, Polarium partnered with electricity company Tibber to launch a residential offering called Homevolt. This smart and user-friendly consumer battery is now available for pre-order in Norway and Sweden, with plans to expand to Germany and the Netherlands.
Polarium also expanded its global presence by opening local offices in Sydney and Melbourne, establishing a foothold in Australia. Additionally, the company secured two new contracts in the light industrial segment.
With its headquarters and R&D center in Sweden and manufacturing facilities in Mexico, Vietnam, and South Africa, Polarium serves customers worldwide through global sales channels and a presence in Indonesia, New Zealand, South Africa, the UK, and the US.
Overall, Polarium has had a successful year, expanding its reach and launching innovative products while maintaining a commitment to excellence in all areas of its business.