What Polar Structure does

Polar Structure AB is a privately held Swedish infrastructure investment and development company founded in 2019 and headquartered in Stockholm. The company develops, finances, and owns sustainable infrastructure assets on a long-term "evergreen" basis, organized across three platforms: Sustainable Transport (railway depots, logistics terminals, ports, freight rail), Green Energy (battery energy storage systems, EV charging, renewable generation), and Digital Solutions (LoRaWAN/LPWAN IoT connectivity). Its core go-to-market is an "Infrastructure-as-a-Service" model executed through public-private partnerships and jointly owned special-purpose vehicles with municipalities, utilities, and industrial clients in Sweden and Europe.

The underlying technology combines physical infrastructure assets — battery parks from 5 MW to 25 MW with seconds-level grid response, TEN-T compliant rail links designed for 1,000-metre trains, and EV charging stations — with the digital layer provided by majority-owned subsidiary Netmore Group AB (Nasdaq First North listed), which operates the UK's largest LoRaWAN network serving over 3 million smart water meters across Yorkshire Water and Severn Trent, plus 1 million additional devices from the 2024 Everynet acquisition. Polar Structure also holds significant stakes in Train Alliance (railway infrastructure, Stockholm Stock Exchange listed), Einride (electric/autonomous trucks, with a JV to build up to 100 charging stations globally), and Cemvision (near-zero emission cement technology at ~95% CO2 reduction vs. traditional Portland cement, commercially validated by Vattenfall).

Revenue derives from four main streams: Infrastructure Development & Ownership fees (asset ownership, lease/capacity payments from PPP arrangements), Netmore Group IoT connectivity services (subscription/NaaS multi-year contracts), Polar Energy Capacity-as-a-Service (recurring battery capacity contracts with utilities such as Stockholm Exergi, C4 Energi, and Sala-Heby Energi), and Portfolio Company Value Creation (dividends and exits from stakes in listed and private infrastructure companies). Customer segments are predominantly Swedish and European municipalities, water and energy utilities, and industrial enterprises, accessed through public procurement and direct enterprise sales rather than self-serve channels.

Name

Polar Structure

Legal name

Polar Structure AB

Website

https://polarstructure.se

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Polar Structure is a Stockholm-based private infrastructure investor founded in 2019 that develops and owns sustainable infrastructure — rail, battery storage, EV charging, and IoT networks — under an Infrastructure-as-a-Service model via public-private partnerships with municipalities and utilities across the Nordics and Europe.

Ownership category

akta.pro rank

Product category

Sustainable Infrastructure Investment and Development

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Electric Power Transmission, Control, and Distribution (22112), Power and Communication Line and Related Structures Construction (237130)

SIC

Electric, Gas & Sanitary Services (4900), Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Microgrid Development, EPC & Integration (EUAMAJAB), Grid Interconnection, Power Quality & Electrical Infrastructure Service (Transformers, Switchgear) (TLAKAMAM), Interconnection, Permitting & Grid Services for DERs (EUAMAJAH)

Keywords

• Sustainable infrastructure investment
• Battery energy storage
• Railway infrastructure development
• IoT connectivity services
• Public-private partnerships

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Infrastructure Development & Ownership Fees: Polar Structure develops, co-finances, and owns infrastructure assets on a long-term basis. Revenue derives from asset ownership, rental/lease income, capacity fees, and service fees from municipalities, governments, and private-sector clients who pay to access infrastructure via PPP and Infrastructure-as-a-Service arrangements. Ownership is described as 'evergreen' with long-term holding periods.
2. Netmore Group IoT Connectivity Services: Netmore Group (majority-owned subsidiary, listed on Nasdaq First North) generates revenue by operating LoRaWAN networks and providing IoT connectivity services to utilities, municipalities, and enterprises. Revenue model includes network-as-a-service (NaaS), platform-as-a-service (PaaS), and contracted smart meter data services (e.g., Yorkshire Water contract signed through 2045). Netmore has been expanding globally through acquisitions of Senet (US) and Everynet (global).
3. Polar Energy Solutions (Capacity-as-a-Service): Polar Energy manages local power imbalances for industries, municipalities, and utilities through battery storage and energy management solutions. Offers Capacity-as-a-Service, allowing customers to purchase capacity on demand. Revenue is recurring through capacity contracts with utilities and municipalities.
4. Portfolio Company Value Creation: Polar Structure generates returns through founding, scaling, and holding stakes in infrastructure companies. Examples include Train Alliance (railway infrastructure, ~28.7M EUR EU grant recipient), Einride (EV/autonomous trucks), Cemvision (green cement), Nordic Rail Estate, Nordic Distribution Center, Polar Land, Polar Charge, and European Connectivity Networks. Some portfolio companies are publicly listed (e.g., Netmore Group on Nasdaq First North, Train Alliance on Stockholm Stock Exchange).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Polar Structure develops, finances, and owns sustainable infrastructure assets on a long-term ("evergreen") basis through an Infrastructure-as-a-Service model. The company operates across three platforms: Sustainable Transport (railway depots, logistics hubs, ports), Green Energy (battery storage, EV charging, renewable energy), and Digital Solutions (LoRaWAN/IoT networks, smart metering) via subsidiaries such as Netmore Group and Polar Energy.

Product overview

Polar Structure is an infrastructure investment and development company that operates as a platform of interconnected infrastructure subsidiaries and portfolio companies rather than a single unified product. The company develops and owns infrastructure assets across three main platforms: Sustainable Transport (railway infrastructure, logistics facilities, charging infrastructure), Green Energy (battery storage, energy management), and Digital Solutions (IoT/LoRaWAN networks via Netmore Group). Key products include Netmore Group (IoT connectivity platform), Polar Energy (battery parks and energy storage), Nordic Rail Estate, Nordic Distribution Center, Polar Charge, and Polar Land. The company also holds investments in Cemvision (low-emission cement) and Einride (electric/autonomous freight technology).

Differentiator

Problem solved

Functional benefit

Products and services

• Netmore Group IoT Connectivity Services LoRaWAN / LPWAN IoT network operator providing connectivity services, smart metering infrastructure, and platform-as-a-service for water utilities, municipalities, and enterprises. Operates in 17 countries with over 1 million connected devices and 3 million+ smart water meters in the UK.
• Polar Energy Solutions (Battery Energy Storage) Battery energy storage systems and Capacity-as-a-Service providing grid balancing, frequency regulation, and local capacity services for utilities, municipalities, and industrial customers. Deployments range from 5 MW / 5 MWh to 25 MW with rapid response capability.
• Nordic Rail Estate Platform developing and owning modern railway facilities including train depots and maintenance yards at strategic locations to address infrastructure shortages.
• Nordic Distribution Center Platform developing and managing modern sustainable logistics facilities at strategic locations, enabling seamless transitions between rail transport and last-mile logistics.
• Polar Charge (EV Charging Infrastructure) Charging infrastructure for heavy electric transport, including Einride Stations for electric and autonomous trucks. Planned deployment at up to 15 locations in Sweden and 100 globally.
• Boden Industrial Park Railway Connection Six-kilometer railway connection with 9 bridges linking Boden Industrial Park to Malmbanan (Iron Ore Line), designed for 1,000-metre trains per EU TEN-T standards, co-developed through a public-private partnership with Boden Municipality.

Quantifiable outcome

• Near-zero emission cement reduces CO₂ from ~850 kg CO₂e/ton (traditional Portland cement) to ~45 kg CO₂e/ton — a potential reduction of up to 95%
• +6 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

18 partnerships are on record, tiered strategic, core and minor.

• PeabstrategicStrategic or Co-development Partner · 9 June 2026Peab served as the contractor for the Boden Industrial Park railway project, executing construction under the PPP arrangement between Polar Structure and Boden Municipality. Project completed ahead of schedule and under budget. Railway inaugurated June 2026.
• VattenfallcoreStrategic or Co-development Partner · 12 December 2025Vattenfall and Cemvision (in which Polar Structure is a shareholder) signed a commercial agreement for Cemvision's near-zero emission cement (~45 kg CO₂e/ton, 95% reduction vs. traditional) to be used in Vattenfall's onshore wind projects across Europe. First full-scale Cemvision plant planned for 2028. Builds on 2024 MOU. Vattenfall is a founding member of the First Movers Coalition.
• Boden MunicipalitycoreStrategic or Co-development Partner · 5 December 2025Polar Structure and Boden Municipality formed Boden Järnväg AB (jointly owned, Polar Structure majority) to develop a 6-km railway connecting Boden Industrial Park to Malmbanan. PPP model combining private financing with municipal oversight. Project completed ahead of schedule and under budget. Railway inaugurated June 2026 with Infrastructure Minister Andreas Carlson present.
• Severn TrentstrategicStrategic or Co-development Partner · 1 September 2025Netmore Group (Polar Structure subsidiary) signed a 3-year contract with Severn Trent (second-largest UK water utility) to deploy and manage AMI network for 1 million smart water meters. Dual LoRaWAN and NB-IoT network. Severn Trent decision influenced by Netmore's track record operating UK's largest LoRaWAN network with Yorkshire Water.
• Stockholm ExergicoreStrategic or Co-development Partner · 22 May 2025Polar Energy (Polar Structure subsidiary) and Stockholm Exergi partnered to develop and operate a 25 MW battery park in Brista (north of Stockholm). In operation since March 2025. Contributes to local power balancing and grid stability in the Stockholm region. Financed by Swedbank.
• Sala-Heby EnergicoreStrategic or Co-development Partner · 14 May 2025Polar Energy and Sala-Heby Energi jointly own Sala-Heby Effekt, operating a 5 MW / 5 MWh battery park in Heby Municipality for local grid stabilization. Externally financed by Swedbank. Opened May 2025.
• C4 EnergicoreStrategic or Co-development Partner · 5 May 2025Polar Energy (Polar Structure subsidiary) and C4 Energi jointly own Effektbolaget, operating a 16 MW / 32 MWh battery park at Allöverket in Kristianstad (SE4 electricity area). Project inaugurated May 2025 by Energy Minister Ebba Busch. Externally financed by Sparbanken Skåne. Addresses power capacity constraints in southern Sweden.
• Karlshamn, Olofström, Sölvesborg, Älmhult, and Osby MunicipalitiescoreStrategic or Co-development Partner · 27 November 2024Polar Structure AB entered collaboration agreement with five municipalities to maximize benefits of the Sydostlänken railway project (southeastern Sweden railway connecting Älmhult–Karlshamn). Collaboration focuses on developing marshalling yards, triangle tracks, connection tracks, dry ports, logistics areas, and climate-friendly industrial parks along the corridor. Government approved planning in summer 2024.
• EverynetstrategicTechnology or Integration · 30 October 2024Netmore Group (Polar Structure subsidiary) acquired Everynet, a LoRaWAN network operator present in Europe, North/South America, and Asia. Acquisition doubled Netmore's provisioned devices and extended footprint to 17 countries. Everynet brought over 1 million additional LoRaWAN sensors (400,000 tracking devices, 300,000 smart gas meters, 200,000 smart water meters) and opened new markets in Latin America and Asia-Pacific.
• Train AlliancecoreStrategic or Co-development Partner · 22 October 2024Polar Structure is a significant shareholder in Train Alliance (railway infrastructure company). They co-own Polar Land AB (200,000 sqm of land in Sigtuna) and collaborate on railway projects including Boden, Sydostlänken, and Sigtuna. Train Alliance received 28.7M EUR EU CEF grant for SMARTCargo project. Train Alliance listed on Stockholm Stock Exchange.
• Yorkshire WatercoreStrategic or Co-development Partner · 3 September 2024Netmore Group (Polar Structure subsidiary) serves as lead partner for Yorkshire Water's smart water metering project — one of Europe's largest LoRaWAN water metering initiatives. 1.3 million water meters to be replaced across Yorkshire and Humber by 2030. Data services contract through 2045. Netmore deploying and operating the AMI network.
• American Tower Corporation (ATC)minorChannel Partner/ Reseller/ Distributor · 3 September 2024Netmore Group assumed commercial operations of a LoRaWAN network in Brazil from American Tower Corporation (ATC). Part of Netmore's 2024 acquisition of Everynet, which had partnered with ATC for Brazilian IoT network coverage.
• Senet, Inc.strategicTechnology or Integration · 7 February 2024Netmore Group (Polar Structure subsidiary) acquired Senet, Inc., a US-based LoRaWAN operator and cloud-based network management platform provider. Transaction established Netmore's carrier-grade network presence in the US. Senet brought ~10 years of LoRaWAN technology development, public/private network offerings, and integrations with terrestrial and satellite networks. Senet continues operations as 'Senet, a Netmore Company' from Portsmouth, New Hampshire.
• EinridecoreStrategic or Co-development Partner · 17 January 2023Polar Structure and Einride (technology company building electric and autonomous trucks) entered a major partnership to build EV charging infrastructure (Einride Stations) at ~15 locations in Sweden in 2023, expanding to 100 stations globally within 3 years including the US. Polar Structure provides infrastructure development and financing; Einride provides technology and operations. First station opened in Rosersberg, northern Stockholm. Polar Structure also invested in Einride's Series C round.
• Netmore GroupcoreStrategic or Co-development Partner · 1 January 2022Polar Structure is majority owner and key investor in Netmore Group (listed on Nasdaq First North Growth Market, certified adviser: Redeye AB). Netmore is the digital solutions platform within Polar Structure's portfolio, providing IoT/LPWAN connectivity. Polar Structure became majority owner in 2022 through a mandatory offer. Netmore operates across 17 countries following acquisitions of Senet (US) and Everynet (global).
• ADS-TEC Energy GmbHminorStrategic or Co-development Partner · 25 October 2021ADS-TEC Energy GmbH (global battery buffer storage leader, Germany) entered a joint venture with Polar Structure AB. Focus on battery storage solutions for energy grid applications in the Nordic market.
• Save-by-SolarminorStrategic or Co-development Partner · 29 March 2021Polar Structure invested in solar company Save-by-Solar and simultaneously formed a jointly owned company focused on PPA (Power Purchase Agreements) and power balancing services.
• Netmore Polar NetworksstrategicStrategic or Co-development PartnerJoint venture formed in 2020 between Polar Structure and Netmore Group to accelerate deployment of national IoT networks in Sweden. Polar Structure contributed 50 MSEK credit facility to fund rapid network buildout. Netmore Polar Networks leverages Polar Structure's customer base and infrastructure needs for IoT connectivity.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Train Alliance: Train Alliance is a Stockholm-listed railway infrastructure company in which Polar Structure holds a significant stake, co-owning Polar Land AB (51%/49%). It is a direct portfolio peer within Polar Structure's sustainable transport platform, collaborating on Boden, Sydostlänken, and Sigtuna railway projects.
• Actility: Actility is a global LoRaWAN IoT connectivity platform provider and direct competitor to Netmore Group. Comparable to Polar Structure's Netmore subsidiary in the global LPWAN/IoT connectivity market for utilities and smart cities.
• Einride: Einride is a Swedish technology company building electric and autonomous freight trucks and charging infrastructure. Polar Structure is both an investor (Series C) and a major commercial partner for charging station buildout at up to 100 global sites, making it a directly comparable platform-level peer within the green transport theme.
• ADS-TEC Energy: ADS-TEC Energy GmbH is a German battery buffer storage leader that entered a Nordic joint venture with Polar Structure in 2021 for grid-scale battery storage solutions. Direct peer in battery energy storage technology and Nordic grid services delivery.

Broad incumbents

• Kinnevik: Kinnevik is a Swedish investment company with historical infrastructure-adjacent holdings and a long-term ownership ethos. Polar Structure's CFO Emma Falkenberg previously worked in Kinnevik's corporate finance group, indicating cultural alignment with Swedish long-term capital allocators.
• Antin Infrastructure Partners: Antin Infrastructure Partners is a listed European infrastructure investment manager focused on mid-sized energy, transport, and digital infrastructure. Comparable to Polar Structure's Infrastructure-as-a-Service approach and PPP-oriented project development across Europe.
• EQT Infrastructure: EQT Infrastructure is a major European infrastructure investor with Nordic roots and a focus on sustainable, long-term infrastructure ownership. Comparable to Polar Structure's evergreen ownership model and PPP-oriented approach across transport, energy, and digital infrastructure in Northern Europe.
• 3i Infrastructure: 3i Infrastructure is a UK-listed infrastructure investment company focused on European mid-market infrastructure. Comparable to Polar Structure's long-duration, evergreen-style ownership of operational infrastructure with stable cash flows.
• Infracapital: Infracapital (M&G Investments) invests in European greenfield and brownfield infrastructure including transport, energy, and digital. Comparable to Polar Structure's long-term ownership of sustainable infrastructure assets across multiple platforms (rail, energy, IoT).
• Foresight Group: Foresight Group is a UK-listed infrastructure and renewable energy investment manager with a focus on sustainability-linked assets. Comparable to Polar Structure's combination of renewable energy investments, battery storage, and digital infrastructure exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/polar-structure-ab

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Polar Structure