Exeger, a Stockholm, Sweden-based company which produces solar cell technology (called Powerfoyle) that transforms all forms of light into clean, endless energy, secured USD 38m in financing.
- USD 20m in debt financing, which were provided by Swedbank and Swedish Export Credit Corporation (SEK); and
- USD 18m raised through a directed share issue to Ilija Batljan Invest AB.
The raised funds will be used to build a second solar cell factory in Stockholm with a tenfold capacity by 2023.
Led by Giovanni Fili, Founder and CEO, Exeger has developed solar cell technology that converts all forms of light into electrical power. Powerfoyle can enhance any consumer electronic product it’s integrated into with extended or even eternal battery life, giving solar technology directly to consumers.
The company entered its commercialization stage this year and has so far launched two products powered by Powerfoyle: a self-powered bicycle helmet together with POC (in February) and a self-charging wireless headphone with Urbanista (in April).
The second factory will enable Exeger to target a broader array of markets sooner and in so doing accelerate the mass adoption of their Powerfoyle technology. Exeger has applied for, and expects to obtain permits, from the relevant authorities before the end of the year.