STOCKHOLM – Lithium-ion battery firm Polarium said on Tuesday it had received an investment of 995 million Swedish crowns ($100.75 million) from Swedish pensions company AMF.
Polarium said the terms of investment brought it into the category of “unicorns” – privately-held start-ups valued at over $1 billion.
Founded in 2015, Polarium focuses on renewable energy storage solutions for telecoms, commercial and industrial clients – enabling them to switch from back-up diesel generators and lead-based battery solutions.
Earlier this year, Polarium said it had signed a deal for a pilot project to help Nordic telecoms firm Telia Company optimize its network energy use at two sites in Sweden.
($1 = 9.8760 Swedish crowns)