Sweden’s AMF announced it is investing SEK955m (€92m) in Swedish energy storage firm Polarium, which the pension provider described as fast growing and playing a key role in the global energy transition.

The Nordic country’s second-largest commercial pension fund said Polarium developed energy storage and optimisation solutions based on lithium-ion technology, for customers in sectors such as commercial real estate, as well as manufacturing and telecommunications.

Anders Oscarsson, head of equities and responsible ownership at AMF, said: “Polarium is an exciting Swedish innovation company, which during its short history has made a strong impression and shown impressive growth.”

AMF said Polarium was founded in 2015, was privately owned and headquartered in Stockholm, adding that between 2016 and 2021 it had an average annual growth of 150%.

The SEK800bn blue-collar pension fund said Polarium had implemented over 350,000 installations in more than 70 countries in all continents and climates from the equator to the Arctic.

Tomas Flodén, head of asset management at AMF, said: “Sweden has many interesting companies that are far ahead in terms of innovative solutions to the climate challenges and the transition to a fossil-free society, which we believe are important sectors of the future.”

He added that AMF was a long-term investor in several such firms, which benefitted its customers, along with Swedish industry and workers.

In September last year, the pension provider announced it was investing SEK200m in Swedish electric motorcycle manufacturer Cake, snapping up 10% of the shares in the young company, saying that the move came as part of its strategy to grow its portfolio of unlisted investments.

AMF was one of several large Nordic pension funds taking part in a $2.75bn (€2.62bn) capital-raising round for the Swedish lithium-ion battery maker Northvolt last summer.

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