Polarium Revenue, Valuation, Funding & Investors
Polarium is valued at $1B as of October 2022, a 4.3x multiple on its last reported $231M revenue.
Last Polarium valuation
$1B
Secondary · Oct 2022
Last Polarium funding round
$48M
Undisclosed stage · Oct 2024
Polarium revenue
$231M
Secondary · Oct 2022
Key investors in Polarium
AMF
Alecta
Vargas Holdings
Formica Capital
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RoosGruppen- Absolute Unlisted
About Polarium
Polarium is a Stockholm-headquartered supplier of lithium-ion battery systems for telecom base stations, ensuring 99.999 percent uptime in networks across 50 countries. Its EnergyGuard solutions cut total cost of ownership by 30 percent through remote monitoring and recycling programs compliant with EU WEEE directives. Deployed by Ericsson and Telia since 2015, the systems support 5G rollouts with capacities up to 500 kWh per site.
Founded
2015
HQ
StockholmWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$231M (Oct 2022)
Valuation
$1B (Oct 2022)
Sectors
Polarium Valuation
Polarium is currently valued at $1B, based on its secondary sale in October 2022.
The $99M round included Absolute Unlisted, Alecta and Formica Capital.
Polarium's valuation has moved from $1B at its undisclosed-stage round in May 2022 to $1B in October 2022, across 3 priced rounds.
Polarium valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2022 | Secondary | $1B | 4.3x |
| Jun 2022 | Undisclosed stage | $116M | - |
| May 2022 | Undisclosed stage | $1B | 9.0x |
Polarium Revenue
Polarium's latest recorded revenue is $231M, as of its secondary sale in October 2022. At a $1B valuation, that implies a 4.3x revenue multiple.
Revenue grew from $111M in May 2022 to $231M in October 2022, while the revenue multiple moved from 9.0x to 4.3x.
Polarium revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2022 | $231M | $1B | 4.3x | Secondary |
| May 2022 | $111M | $1B | 9.0x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Polarium Funding History
Polarium has raised a total of $227M across 6 funding rounds, plus 1 secondary share sale.
Polarium's first fundraising round was a $2M seed round in November 2016. The most recent completed round was a $48M undisclosed-stage round in October 2024.
Polarium funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Undisclosed stage | RoosGruppen; Vargas Holdings; AMF; Alecta | $48M | - | Polarium is a Swedish energy storage systems manufacturer founded in 2015 that specializes in lithium-ion battery technology for telecommunications, commercial, and industrial applications. The company operates production facilities in Mexico, South Africa, and Vietnam and serves customers globally with modular battery systems and energy optimization solutions. In November 2024, Polarium raised SEK 562 million (approximately $48.3 million USD, also reported as $49 million) through convertible preference shares from existing shareholders including Vargas Holding, Alecta, AMF, and RoosGruppen. The funding was intended to stabilize the company's finances, which had been under strain despite solid market demand, and to support growth initiatives including expanding production capacity and product range. According to available data, Polarium had estimated annual revenue of $197.5 million and an estimated valuation of $632 million based on industry-standard revenue multiples. The company had previously achieved unicorn status (valued over $1 billion) in 2023 with an investment from AMF, though this valuation was not maintained through subsequent fundraising rounds. The energy storage market context reflects strong growth driven by renewable energy expansion and grid stability requirements, positioning Polarium within a rapidly evolving competitive landscape where the company aims to establish leading market positions in Europe, North America, and Africa while proving the value of its energy optimization systems. |
| Aug 2023 | Undisclosed stage | Vargas Holdings; AMF; Alecta | $52M | - | Polarium is a Swedish energy storage company founded in 2015, headquartered in Stockholm with production facilities in Mexico, South Africa, and Vietnam. The company develops modular lithium-ion battery technology for sustainable energy storage and optimization solutions across telecom, commercial, and industrial applications, with installations in over 40 countries. According to its 2022 annual report, Polarium reported net sales of SEK 2.2 billion (approximately $197 million USD equivalent) with a 28% gross margin and over 440,000 installed batteries across 3 factories and 620+ employees. The company has received significant funding, with sources indicating total funding of approximately $99.7–$124 million across multiple rounds, including a November 2024 round of $48.6 million. |
| Oct 2022 | Secondary | Absolute Unlisted; Alecta; Formica Capital | $99M | $1B | Polarium is a Stockholm-based manufacturer of advanced lithium-ion energy storage and energy optimization solutions for telecom, commercial, and industrial customers. The company was founded in 2015 by Stefan Jansson and serves as the market leader in reserve power for telecom towers, having implemented over 350,000 installations across more than 70 countries. In October 2022, Formica Capital acquired shares in Polarium as part of a capital raise. The transaction occurred at a $1 billion valuation. In 2022, Polarium achieved net sales of SEK 2.2 billion with a gross margin of 28%, with 620+ employees and manufacturing facilities in Mexico, South Africa, and Vietnam. The company demonstrated strong historical growth, achieving approximately 150% annual compound growth between 2016 and 2021, when it reported net sales of SEK 1.1 billion and EBITDA of SEK 83 million. |
| Jun 2022 | Undisclosed stage | - | $18M | $116M | Polarium develops energy storage and optimization solutions built on lithium-ion battery technology for telecom, commercial, and industrial facilities worldwide. Founded in 2015 in Sweden, the company provides sustainable alternatives to diesel generators and lead-acid batteries, enabling reduced carbon footprints and improved profitability. It operates factories in Mexico, Vietnam, and South Africa, with the latter opening in April 2022 to produce over 300,000 batteries annually. In May 2022, Polarium raised $100 million in a Series D round led by AMF, with participation from Vargas Holding, Roosgruppen, and Beijer Ventures, achieving a post-money valuation over $1 billion and unicorn status. The funding supports accelerated growth, expansion, and new pilot projects with Telia Company and Areim. For 2022, Polarium reported net sales of SEK 2.2 billion, a gross profit of SEK 618 million, and a gross margin of 28%, with over 620 employees and 440,000 installed batteries. The company was ranked Europe's fastest-growing by the Financial Times’ FT1000 and named Nordic Scaleup of the Year. |
| May 2022 | Undisclosed stage | AMF (lead) | $100M | $1B | Polarium is a Swedish company providing commercial and industrial energy storage solutions, including backup power, hybrid storage, solar-integrated storage, EV charging, and microgrids, primarily targeting telecom, commercial, and industrial sectors with lithium-ion battery technology as a replacement for diesel generators and lead-acid batteries. The company operates globally in 70 countries across all continents and climate zones, with recent expansions including a new factory in Cape Town, South Africa (opened April 2022, capacity for 300,000 batteries or 4 GWh annually), and facilities in Mexico and Vietnam. In May 2022, AMF invested SEK 955 million (~$100 million) at a $1 billion post-money valuation, marking Polarium as a Swedish unicorn and adding AMF to investors like Vargas Holding, Roosgruppen, and Beijer Ventures; J.P. Morgan acted as placement agent. Polarium reported a compound annual growth rate (CAGR) of approximately 150% from 2016 to 2021, with net sales of $111 million and EBITDA of $8.43 million in 2021. The funding supports maintaining rapid growth, accelerating innovation, investing in production, and expanding energy optimization services, including pilots with Telia Company for telecom network energy optimization and Areim for real estate smart storage. The company focuses on reducing customers' carbon footprints and energy costs while targeting growth in reserve power and energy optimization markets. This AMF-led round preceded a follow-on transaction later in 2022 where Alecta invested ~SEK 950 million (~€87 million) for about 10% stake, alongside Formica Capital and Absolute Unlisted, at the same $1 billion valuation terms. In its 2022 annual report, Polarium achieved sales of SEK 2.2 billion with a 28% gross margin, growing its core telecom business and strengthening presence in Africa and North America amid global renewable energy expansion. |
| Oct 2018 | Series A | The Roos Group | $7M | - | Polarium develops sustainable energy storage solutions, including modular battery technology for renewables, electrification, and telecom power backup. The company, founded in 2015 and headquartered in Stockholm, manufactures products in Mexico, South Africa, and Vietnam, serving global customers. In October 2018, Polarium (then operating as Incell) raised approximately $7M (SEK 62M) in a Series A round from RoosGruppen AB, led by Håkan Roos. The funding supported growth in lithium-based power backup solutions for the telecom industry, which enhance network availability, reduce costs, and minimize environmental impact. At the time of the round, the company reported SEK 60M ($6.7M) turnover in 2017 and projected SEK 300M for 2018, while remaining unprofitable. Polarium has since raised over $250M across multiple rounds from investors including Alecta, AMF, Håkan Roos, Beijerinvest, and Harald Mix, with later valuations reaching $1B in June 2022. |
| Nov 2016 | Seed | - | $2M | - | - |
Who has invested in Polarium?
7 investors have backed Polarium across its funding rounds, including AMF, Alecta, Vargas Holdings, Formica Capital, RoosGruppen and Absolute Unlisted.
Lead investors include AMF.
Polarium Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Stockholm | 3 | Lead | May 2022 | |
| Stockholm | 3 | Participant | Oct 2022 | |
| Stockholm | 2 | Participant | Aug 2023 | |
| RoosGruppen | Stockholm | 1 | Participant | Oct 2024 |
| Absolute Unlisted |  Madrid | 1 | Participant | Oct 2022 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPolarium Competitors
Polarium competitors include listed companies like Henan Yicheng New Energy, JANAF and Fluence Energy, and private ones like EcoFlow Tech, Nyobolt and Skeleton Technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 San Francisco, CA | Private | $200M | - | $1B | 5.0x | |
 Cambridge | Private | $9M | - | $1B | - | |
 Estonia | Private | $10M | - | $1B | 100.0x | |
 China | Publicly listed | $527M | ($30M) | $1B | - | |
 Croatia | Publicly listed | $137M | $74M | $928M | - | |
| United States | Publicly listed | $2.3B | ($12M) | $1.1B | 0.5x |
Polarium Public Comps
Polarium is still privately-owned, but its public comps include Henan Yicheng New Energy, JANAF, Fluence Energy, ADS-TEC Energy, Sinopec Kantons Holdings, Energy Vault, Emerald Horizon, T1 Energy, Hyliion and Camel Group Co.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $527M | ($30M) | 3.0x | - | (53.0x) | - | |||
| $137M | $74M | 6.3x | - | 11.6x | - | |||
| $2.3B | ($12M) | 0.5x | 0.5x | (103.9x) | (8.7x) | |||
| $36M | ($3M) | 23.2x | 26.7x | (278.0x) | - | |||
| $84M | - | 10.8x | - | - | - | |||
| $204M | ($83M) | 4.6x | 3.6x | (11.4x) | (46.2x) | |||
| $259K | ($523K) | 4824.8x | - | (2390.4x) | - | |||
| $755M | ($210M) | 2.7x | 2.2x | (9.7x) | 52.8x | |||
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Common questions about Polarium
| When was Polarium founded? | Polarium was founded in 2015. |
| Where is Polarium headquartered? | Polarium is headquartered in Stockholm, Sweden. |
| Is Polarium publicly listed? | No, Polarium is a private, VC-backed company. |
| What is Polarium's valuation? | Polarium was last valued at $1B in its secondary sale in October 2022. |
| How much funding has Polarium raised? | Polarium has raised $227M across 6 funding rounds. |
| What was Polarium's last funding round? | Polarium's last funding round was a $48M undisclosed-stage round in October 2024. |
| Who are Polarium's investors? | Polarium's investors include AMF, Alecta, Vargas Holdings, RoosGruppen, Absolute Unlisted, The Roos Group and Formica Capital. |
| What is Polarium's revenue? | Polarium's latest recorded revenue is $231M (October 2022). |
| What is Polarium's revenue multiple? | Polarium's latest valuation implies a 4.3x revenue multiple ($1B valuation on $231M of revenue). |
| Which companies are comparable to Polarium? | Companies comparable to Polarium include EcoFlow Tech, Nyobolt, Skeleton Technologies, Henan Yicheng New Energy, JANAF and Fluence Energy. |
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