Polarium, a commercial and industrial energy storage solutions provider, raised SEK 955 million (~$100 million) from Swedish pension company AMF at a $1 billion valuation.

The company, which provides backup, hybrid, standalone storage, solar and storage EV charging, and microgrid solutions in the telecom, commercial and industrial segments, reported a CAGR of ~150 % between 2016-2021 and generated net sales of $111 million and an EBITDA of $8.43 million in 2021.

Polarium has also recently initiated two energy optimization pilot projects. First with – Telia Company, a telecom operator in the Nordic and Baltics, to optimize its network energy usage and contribute to balancing the grid. And secondly, with the Swedish property owner and fund manager, Areim, to provide a smart energy storage solution for large-scale real estate deployment.

The company also opened a new factory in Cape Town, South Africa, and its production facilities in Mexico and Vietnam. When fully operational, the new factory is expected to have a capacity to produce more than 300,000 batteries annually, equivalent to 4 GWh.

The recent investment by AMF adds them to the list of other investors, such as Vargas Holding, Roosgruppen, and Beijer Ventures.

In connection with the investment, J.P. Morgan SE acted as the sole placement agent to Polarium, and Mannheimer Swartling has been a legal advisor.

According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, corporate funding raised by Battery Storage companies in Q1 2022 came to $13.3 billion in 44 deals, a 167% increase compared to $5 billion in 30 deals in Q1 2021. And an increase of 177% compared to $4.8 billion raised in 42 deals in Q4 2021.