Swedish battery unicorn Polarium secures €36.7M to fuel its growth journey

Swedish energy storage firm Polarium announced that it has secured €36.7M in funding in a rights issue directed towards their majority owners Stefan Jansson Global Invest, Vargas Holding, AMF, and Alecta. 

Polarium says the funds will help the company continue its growth and expansion plans.

Last year, in May, the company became a unicorn after raising €91.84M from AMF, one of the top pension companies in Sweden. In October, the company announced Alecta, Formica Capital and Absolute Unlisted as news owners. In a coordinated transaction, the three parties purchased a total of SEK 1.1B+ (approximately €100M) in existing Polarium shares.

106 per cent growth in 2023

Founded in 2015, Polarium aims to provide safe, smart, and sustainable energy storage solutions to enable the transition to a sustainable energy future. 

“Polarium’s vision is to become a leading sustainable and fully integrated energy storage provider,” says Carl-Erik Lagercrantz, chairman of Polarium. “I am proud to see the continued and deepened support from our existing shareholders as we continue our growth journey.”

The company’s products are built on lithium-ion battery technology to create solutions for businesses in the telecom, commercial, industrial, and residential sectors around the world. These solutions enable using renewable energy, electrification, and intermittent power supplies.

In 2022, the company’s sales increased by 106 per cent, reaching €185M (SEK 2.2B)  in net sales and €51.9M (SEK 618M) in gross profit.

Polarium’s milestones this year

The Stockholm-based firm has reached several important milestones in 2023. Earlier this year, Robert Belkic joined the company as new Chief Financial Officer after parting ways with Hexagon AB, a multinational technology group for metrology and geoanalytics. 

In June, Polarium launched a residential offering in partnership with electricity company Tibber. The two firms worked on Homevolt, a smart and user-friendly consumer battery. Pre-orders are currently open in Norway and Sweden, and will soon become available in Germany and the Netherlands.

Polarium extended its global presence to Australia with local offices in Sydney and Melbourne. It also expanded within the light industrial segment with two new contracts.

The company’s headquarters and R&D centre are situated in Sweden, with manufacturing in Mexico, Vietnam, and South Africa. It serves customers worldwide through its global sales channels and presence in Indonesia, New Zealand, Sweden, South Africa, the UK, and the US.