Stockholm’s solar cell maker Exeger raises $38 million, plans to break ground on second factory

Stockholm’s Exeger, maker of Powerfoyle, has raised $20 million in debt financing from Swedbank and Swedish Export Credit Corporation, and an additional $18 million via a directed share issued to Ilija Batljan Invest. The funding will be used to build a second solar cell production factory in Stockholm.

“Sustainability is a core and integrated part of our business strategy – that’s why we have supported Exeger since the start. We look forward to being part of enabling the large-scale production of their solar cell material. This is in line with our vision of a society that is financially, socially and environmentally sustainable where we and our customers play an active role in acting and driving sustainable change,” comments Mikael Björknert, Head of Swedish Banking, Swedbank.

The company’s unique Powerfoyle technology transforms all forms of light, indoor or outdoor, into clean, renewable energy, and has entered its commercialisation stage this year. Powerfoyle tech can now be found in a self-powered bicycle helmet via POC and a self-charging wireless headphone unit via Urbanista.

”We need mass scale production to realize our vision which is to touch the lives of a billion people by 2030, and that’s why the factory is being built now. Swedbank, SEK, EKN, and Ilija Batljan all play key roles in providing us with the financial security to initialize the construction of a factory with a tenfold production capacity,” explains CEO and founder Giovanni Fili. “It will enable us to provide our solar cell material to a much broader market and greatly accelerate this transition to a world where self-powered products become a natural part of everyday life.”