Swedish Energy Storage Solutions Provider Polarium Receives $100 Million in Investment

Swedish Energy Storage Solutions Provider Polarium Receives $100 million in Investment
 

According to reports, the Swedish lithium-ion battery energy storage system manufacturer Polarium has said recently that the Swedish pension investment agency AMF has committed to invest according to its valuation, which will make Polarium a technology startup valued at more than $1 billion. beast". Institutional investor AMF has committed SEK 955 million ($100 million), while JP Morgan SE acted as the exclusive placement agent for Polarium.

Polarium was founded in 2015 to provide products and services primarily for the telecommunications industry. The batteries developed by the company are designed as drop-in replacements for lead-acid batteries and can be used as a backup power source, as an alternative to backup diesel generators. However, it is not currently available to the data center market.

Polarium has recently started entering commercial and industrial (C&I) segments, including microgrids, solar+storage and stand-alone battery storage systems, and electric vehicles.