Swedish pension company AMF has invested SEK 955 million (approx. $100 million) which will enable Polarium to further accelerate its impact and rapid growth rate. The investment was made on a $1 billion valuation, making Polarium the latest Swedish unicorn.
Polarium is on a journey to empower a sustainable world with smart modular energy storage solutions built on lithium-ion technology. The fast-growing Swedish company had a CAGR of ~150 percent between 2016-2021 and generated net sales of SEK 1.1 billion and an EBITDA of SEK 83 million in 2021. The equity raised will enable Polarium to maintain its high growth pace, accelerate innovation, and invest across all functions.
Energy optimisation is a new business area for Polarium. With intermittent renewable energy growing as a share of the energy mix, energy storage plays an increasingly important role in balancing supply and demand. Polarium’s energy storage solutions with added energy optimisation technology enables end users to optimise their energy usage and costs by storing energy when prices are low and dispatching it when prices are high, sell surplus energy back to the grid, and maximise the use of renewables.
Sharing the same vision of using technology to enable sustainable transition
“I am very excited to have AMF joining us on Polarium’s journey. We share the same vision of using technology to enable sustainable transition on a global level. Only by challenging old truths and by putting innovation, technology, and capital to work can we accelerate decarbonisation and support electrification and always-on connectivity, with robust and efficient energy supply,” says Carl-Erik Lagercrantz, Chairman of Polarium.