Solidion Technology, an advanced battery technology company, has reaffirmed its interest in acquiring substantially all of the assets of Polar Power after the latter’s board rejected its previously submitted all-cash acquisition proposal.
Solidion said it sees no basis to increase its offer, maintaining that its valuation reflects the assets involved as well as the capital and execution requirements associated with the potential transaction.
According to Solidion, its acquisition proposal is based on financial modelling, due diligence and an assessment of the value of Polar Power’s assets. The company said it intends to maintain a disciplined approach to acquisitions and will not increase its offer simply to complete a transaction.
Solidion Highlights Battery and Energy Storage Focus
Solidion Technology develops and manufactures battery materials and components and is involved in next-generation battery technologies for energy storage systems, electric vehicles and other applications.
The company also develops battery-based solutions for uninterruptible power supply (UPS) systems serving the growing AI data centre market. Solidion said its technology portfolio includes more than 385 patents covering silicon anodes, biomass-based graphite, lithium-sulfur and lithium-metal battery technologies.
The proposed acquisition of Polar Power’s assets is part of Solidion’s broader strategy as a strategic acquirer. The company said it would continue evaluating potential acquisitions based on their underlying assets, investment requirements and potential value for shareholders.
Solidion Cites Polar Power’s Financial Position
In explaining its decision not to increase the offer, Solidion pointed to Polar Power’s need for additional capital, operating losses and cash-flow requirements.
Solidion noted that Polar Power reported a net loss of approximately $2 million for the six months ended June 30, 2026, while using approximately $2.2 million in cash from operations. Polar Power reported a cash balance of approximately $183,000 at the end of the period, according to Solidion.
Solidion also cited Polar Power’s existing financing arrangements and Nasdaq compliance requirements as factors considered in its valuation of the proposed asset acquisition.
The company further pointed to Polar Power’s recent conversion of approximately $614,700 in debt owed to its CEO into preferred equity, while stating that the transaction does not address the company’s broader operating capital requirements.
No Definitive Acquisition Agreement Yet
Solidion has clarified that its proposal does not constitute a legally binding agreement or commitment to complete the transaction. Any potential acquisition would remain subject to due diligence, financing considerations, regulatory requirements, necessary approvals and the execution of a definitive agreement.
The companies have not entered into a definitive transaction agreement at this stage.
For Solidion, the development keeps its proposed acquisition of Polar Power’s assets under discussion while the battery technology company maintains its position that any transaction must meet its financial and strategic criteria.
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