Swedish pension company Alecta has invested SEK 950m in Polarium, a Swedish company that works in advanced solutions for energy storage and optimisation.

Alecta’s investment corresponds to around 10 per cent of the shares in the company.

Alecta head of equity management, Liselott Ledin, said that there will be a “huge demand” for batteries in society over the long term as part of the transition to renewable energy sources.

“Polarium is at the forefront of battery technology and energy optimisation solutions, and has already succeeded in achieving a strong market position globally,” she continued.

“Founder and CEO Stefan Jansson and main owner Vargas also have significant experience and confidence in the battery sector.

“We assess that this will be a good investment that gives good returns in the long term to Alecta's customers.”

Polarium is a privately owned company, founded in 2015, and provides solutions for energy storage and energy optimisation using the company's lithium-ion batteries.

The products are already used on a large scale in telecoms, but the firm is now also expanding into other customer segments.

Alecta stated that Polarium had grown “strongly in a short time with maintained profitability and is today a market-leading player”.

The main owner of Polarium is Vargas, while other owners include the founder Stefan Jansson and AMF.

“The transition to renewable energy sources is very important for the climate and our future quality of life,” commented Alecta CEO, Magnus Billing.

“Polarium's solutions are a piece of the puzzle in this. Alecta's goal is for our portfolio to be climate neutral by 2050, and we have clear milestones on the way there.

“Through this investment, we are adding a company to our portfolio that has both come a long way towards becoming climate neutral itself, and at the same time contributes to reducing emissions for its customers.”

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