Today, the European Investment Bank (EIB) has signed a loan agreement of up to €35 million with the Swedish clean tech company, Exeger, which manufactures the solar cell technology Powerfoyle. The company has raised over €169 million, including €16.1 million Series B in March this year.
Exeger has developed the Dye-Sensitized Solar Cell (DSC) into an innovative and patented technology (Powerfoyle) that converts both indoor and outdoor light into electricity and allows electronic appliances with low consumption to become self-powered.
Applicable in both indoor and outdoor applications, Powerfoyle will reduce electronic waste as many products will no longer require charging cables or single-use batteries.
The ultra-thin solar cells with flexible design enable companies to integrate self-charging capabilities into their products without compromising on visual aesthetics.
Exeger is investing in scaling up its production capacity at Stockholm II, the company’s second urban factory. The new industrial-scale factory runs on 100 percent renewable energy and is located in Kista, outside Stockholm. Once fully scaled, Stockholm II will enable Exeger to produce up to 2.5 million m2 per year of its patented solar cells.
The factory is designed to expand in modular steps, allowing for a fast-paced increase in production capacity to meet the growing market demand for Powerfoyle.
The operation is backed by InvestEU, the financing instrument designed to support more than €372 billion in additional investment toward EU policy priorities in the period between 2021 and 2027.
EIB Vice-President Thomas Östros shared:
“With its pioneering technology, Exeger will increase the generation and utilisation of renewable power and reduce the volumes of electronic waste. From the EIB’s side, we are very proud to support Exeger and its important contribution to a green transition and a more sustainable energy industry in the future.”
Giovanni Fili, founder and CEO of Exeger, says:
“After a long and thorough due diligence into the technology and business, I am thrilled to have the EIB support with debt financing for the expansion of Stockholm II.
The loan is approved following great commercial traction during 2023 which has resulted in the market demand for the increased production capacity of Powerfoyle for 2024 and 2025.
Having long-term funding through mechanisms like InvestEU helps ensure Europe’s sustainable industry continues to be competitive in the evolving global landscape.”
Lead image: Exeger. Photo: uncredited.