Swedish battery manufacturer, Polarium honours investment pledge, opens shop in Cape Town

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The success of the recent SA Investment Conference is proof that the South African economy is rich, diverse and on an upward trajectory. Enthusiasm and optimism expressed by investors and business leaders – local and international, gave the South African government the assurance that its ongoing efforts to achieve economic growth are paying off.

 

Swedish battery manufacturer Polarium, announced a R30-million pledge at the fourth SA Investment Conference that took place on 24 March 2022. After nine months of planning, Polarium Cape Town opened its doors last week, as part of Business Sweden’s Tech Delegation visit to Cape Town. This facility, situated in Montague Gardens, will be the production point for lithium battery modules in the country and will make provision for approximately 200 jobs, adding to the 12 000 employees in 75 Swedish companies doing business in South Africa.

 

Invest SA’s Ambassador Sadick Jaffer said that the Polarium inauguration marked a significant moment for South Africa’s investment mobilisation drive. “More than 90% of the batteries set to be produced at this plant will be exported into the rest of the continent, which equates to an export revenue of over $50 million USD. Polarium has also committed to the upskilling of its employees, making development and training an integral part of its growth plan.”

 

Brand South Africa collaborated with Business Sweden in the weeklong ploy to promote South Africa as an investment destination of choice, and hosted the delegation for a Wine and Art Cultural experience at SA’s second oldest wine farm, Boschendal in Stellenbosch. Team South Africa and Team Sweden joined forces to commemorate Freedom Day in true South African style.

 

South Africa and Sweden enjoy long-standing relations that stretch as far back as the 1960s, with Sweden having played a significant role in SA’s struggle for freedom. As both countries join hands to achieve global sustainability solutions, we look forward to the learnings and success stories in the not-so-distant future.