Polarium, founded in 2015, is on a journey to empower a sustainable world with smart and modular energy storage solutions build on lithium-ion technology. Earlier this year, Polarium became the latest Swedish unicorn when Swedish pension company AMF invested in the company. Now, Polarium has raised an additional SEK 178 million to continue its rapid expansion. The investment was done on a $1 billion+ valuation and include three Swedish investors.
The investment is the latest of several important milestones for Polarium. This year, Polarium became the latest Swedish unicorn and was recognised as one of the fastest growing companies in Europe by the Financial Times’ FT1000-ranking for a second consecutive. In April, Polarium opened a new factory in Cape Town, South Africa, in addition to their production facilities in Mexico and Vietnam. The new factory will, when fully operational, have the capacity to produce more than 300 000 batteries annually, equivalent to 4 Gigawatt hours.
Demand for energy storage solutions is growing fast, and so is Polarium
“I am happy to welcome the new investors to Polarium. The demand for energy storage solutions is growing fast, and so is Polarium. With additional investors onboard, we are well positioned to continue our rapid expansion,” says Carl-Erik Lagercrantz, Chairman of Polarium and CEO of Vargas Holding.