Nilar has raised SEK 178 million from current shareholders and new investors to meet conditions for EIB financing – AP4 has become a shareholder
Nilar International AB, a front-runner in building-integrated electrical energy storage systems (BESS), announced today that the company has secured SEK 178m in additional equity from current shareholders and new investors. The Fourth Swedish National Pension Fund (AP4) has joined Nilar’s existing major Nordic institutional investors – AP1, AFA and Climate Delta – as a new shareholder through this equity issue. The raised capital will predominantly be used to ramp-up production capacity and accelerate sales activities; it is also a condition for the disbursement of the first tranche of the EIB financing facility that was signed in October, as previously reported.
Michael Obermayer, Chairman of the Board of Nilar, noted: “Nilar is fully integrated, from cell to system, including electronics and sophisticated control software, and does not rely on import of cells from Asia. Close cooperation with leading European academic researchers forms the basis for Nilar’s rapid innovation. Nilar’s investors, who have again demonstrated their support, especially value three unique features: (i) non-flammability of Nilar’s battery packs which make them preferred by customers throughout Europe for installation in buildings near people; (ii) unique longevity since cells can be refilled with electrolyte, and (iii) highly environment-friendly in production, with full economic recyclability. We would like to express our sincere thanks to our existing and new investors and to the EIB for their unwavering support of Nilar as a high-growth European battery innovator start-up.”
Looking ahead, Nilar is well positioned to capitalize on a strong underlying momentum and an explosively growing EES market driven by global trends. The need for battery storage in residences, offices and factories 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, together with the EIB financing, 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. Nilar has now raised well over SEK 1bn in equity to date from investors and this placement marks an important step towards an initial public offering (IPO), planned within 12 months.
Carnegie Investment Bank AB (publ) acted as financial adviser in the institutional tranche of the equity raising. On the private tranche, we were ably assisted by Swedbank.
For more information about Nilar, please contact:
Magnus Nordgren, CFO, Nilar AB
Tel: +46 70 214 17 49
Matilda Ekman Vråmo
Tel: +46 73 656 43 66
Nilar was founded in 2001 as a research project by leading battery industry experts from Europe and the US. The company has since 2019 been producing and selling advanced Nilar Hydride® batteries (NiMH) for energy storage at commercial properties, private households, industrial plants and for use with the smart grid.
Nilar’s Hydride® energy storage solutions are robust, fireproof and durable, with a low lifetime cost. The modular design supports scalability to handle the energy requirements of everything from small residential systems to large-scale electrical installations. With R&D departments in Sweden and the US , and a manufacturing plant in Sweden, Nilar is revolutionizing energy storage technology, and is taking automated and modular battery production to the next level.