Sweden’s Polarium Draws In New Owners at $1 Billion Valuation

Swedish energy-storage developer Polarium Energy Solutions AB has broadened its ownership base in a deal that saw it retain a unicorn valuation and helps pave the way for an initial public offering.

The company, founded in 2015 and among a cluster of startups emanating from Sweden’s battery sector, added Alecta, Formica Capital AB and Absolute Unlisted AB as shareholders on the same terms as its last funding round this summer, according to a statement.

“This is an incredible sign of strength ahead of a future IPO,” Polarium’s Chief Executive Officer Stefan Jansson said in an interview. The transaction ...