Nilar to raise $34M from AP1 and AFA Insurance, eyes IPO.
Nilar, a Stockholm, Sweden-based company manufacturer of electrical energy storage systems, announced that it has secured SEK 327M ($34M) in a pre-IPO private placement.
Lead investors in the round were the First Swedish National Pension Fund (AP1) and AFA Insurance (AFA). The raised capital will predominantly be used to accelerate sales activities and to ramp-up production capacity.
At the same time, the company announced its intentions to be listed on Stockholm's First North during the first half of 2020.
Nilar was founded in 2001 as a research project by Lars Fredriksson and Neil Puester. Since 2015, it has been producing advanced Nilar Hydride batteries (NiMH) for energy storage at commercial properties, private households, industrial plants and for use with the smart grid.
Nilar’s Hydride energy storage solutions support scalability to handle the energy requirements of everything from small residential systems to large-scale electrical installations.
The company, led by CEO Marcus Wigren, has R&D departments in the US (Denver) and Sweden (Gävle), and a manufacturing plant in Sweden (Gävle). It is yet to be profitable, as in 2017 had losses of SEK 59M ($6M) - however, it envisions to reach SEK 10bn by 2027.
Prior to this round, Nilar raised about SEK 600M in capital funding.