Polarium announced a SEK 955 million equity round backed by AMF.

Polarium, a Stockholm, Sweden-based company manufacturing electric battery solutions, announced an equity round of SEK 955 million ($100M)

The money was raised locally from the Swedish pension fund AMF - the company says the deal was made on a $1B valuation.

Polarium, founded as Incell International in 2014 by CEO Stefan Jansson, started as a manufacturer of smart lithium based power back-up solutions to the telecom companies. The company later pivoted to a more general approach, with an expanded scope covering energy storage solutions for the commercial and industrial segments. It says that it generated net sales of SEK 1.1B ($112M) and an EBITDA of SEK 83M in 2021. Polarium’s headquarters and R&D center are situated in Sweden, with manufacturing in Mexico, Vietnam and South Africa.

Prior to this capital investment round, Polarium raised about $13 million, from Swedish investors including Roosgruppen AB, Beijer Ventures, as well as Harald Mix and Carl-Erik Lagercrantz, via Vargas Holdings.