© Nilar Electronics Production | May 17, 2019
Swedish Nilar secures investment to ramp-up production
Nilar, a Swedish manufacturer of batteries and electrical energy storage systems, says that it has secured SEK 327 million (EUR 30.36 million) in a pre-IPO private placement.
Lead investors in the round were the First Swedish National Pension Fund (AP1) and AFA Insurance (AFA). The raised capital will predominantly be used to accelerate sales activities and to ramp-up production capacity. Nilar says that its patented technology has the ability to rejuvenate battery cells at end of life and its EES systems offer benefits based on low user cost, long cycle life, high safety and recyclability. The company has been granted 105 patents in, for example, the U.S., Europe, Japan, Korea and China. “We are thrilled about the high interest for our proprietary battery storage solutions and honoured to have attracted partners like the First Swedish National Pension Fund and AFA Insurance. We have a very exciting journey ahead of us and this financing round will allow us to bring our vision of the future of safe and high performance energy storage to life,” says Michael Obermayer, Chairman of the Board of Nilar, in a press release. Looking ahead, Nilar aims to capitalise on a strong underlying momentum and an explosively growing EES market driven by global trends. The need for battery storage is ever increasing as penetration of intermittent renewable energy sources grows. With necessary prerequisites in place for continued rapid growth, Nilar will be able to use the proceeds from the offering to accelerate its ambitious plans to ramp-up production and efficiency. Furthermore, a favorable market climate driven by increasing investments into the energy infrastructure sector is amplifying Nilar’s benefits and improving the prospect of expected growth in coming years.