We study Bogomolny equations on . Although they do not admit nontrivial finite-energy solutions, we show that there are interesting infinite-energy solutions with Higgs field growing logarithmically at infinity. We call these solutions periodic monopoles. Using Nahm transform, we show that periodic monopoles are in one-to-one correspondence with solutions of Hitchin equations on a cylinder with Higgs field growing exponentially at infinity. The moduli spaces of periodic monopoles belong to a novel class of hyperk"ahler manifolds and have applications to quantum gauge theory and string theory. For example, we show that the moduli space of periodic monopoles provides the exact solution of super Yang-Mills theory with gauge group compactified on a circle of arbitrary radius.

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