Stockholm-based Polarium, a sustainable energy storage solutions company, announced on Tuesday that it has received investment from Swedish pension company Alecta, and Swedish investors Formica Capital and Absolute Unlisted, both part of the investment manager Coeli.
Alecta, Formica, and Absolute Unlisted have acquired existing shares worth SEK 1.1B+ (approximately €100M) from the founders and early investors in the company.
The Swedish company made the transaction on the same terms and valuation as the equity raised in the spring and summer of 2022. With this transaction, Polarium continues to add to its circle of well-renowned owners, including AMF, Vargas, Roosgruppen, and Beijer Invest.
“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.
The announcement comes four months after raising €91.84M in a funding round, valuing the company at $1B.
Polarium: What you need to know
Founded in 2015 by Stefan Jansson, Polarium provides energy storage solutions built on lithium-ion technology for the telecom, commercial, and industrial segments.
The Swedish company claims its products enable end-users to optimise their energy usage and costs. It is done by storing energy when prices are low and dispatching it when prices are high, selling surplus energy back to the grid, and maximising the use of renewables.
Its headquarters and R&D centre is in Sweden, and its manufacturing is in Mexico, Vietnam, and South Africa. Its new Cape Town, South Africa, factory has the capacity to produce more than 300.000 batteries annually, equivalent to 4 Gigawatt hours.
The company serves customers worldwide through its global sales channels and presence in Indonesia, New Zealand, Sweden, South Africa, the UK, and the US.
The Investors
Formica Capital is a Swedish investment company with a long-term ownership strategy owned by The Olsson Eriksson family.
“We are impressed by Polarium’s journey 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’ primarily focuses on investing in unlisted European companies in a pre-IPO phase to create a portfolio with an attractive risk/reward profile. The company has raised approximately 600M SEK from Coeli’s client base alongside investors from Petersson’s network.
“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.
“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. Therefore, 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.
