Exeger Secures $38M to Scale Flexible Solar Cell Production

Exeger Secures $38 Million to Expand Flexible Solar Cell Production

Sweden-based Exeger, a developer of Powerfoyle – a flexible solar cell technology – has received a new round of funding. This investment will be used to increase manufacturing capacity with the opening of a second facility within the country.

Funding Details and Valuation

The $38 million funding round consists of $20 million in debt financing from Swedbank and Swedish Export Credit Corporation (SEK). This includes a $12 million loan from Swedbank, partially guaranteed by the Swedish Export Credit Agency (EKN), and an $8 million loan from SEK, backed by the European Investment Fund (EIF).

An additional $18 million was raised through a directed share issue to Ilija Batljan Invest AB. The transaction price per share was $19.2, resulting in a pre-money valuation of $860 million for the solar cell manufacturer.

Previous Investment and Strategic Partnerships

In 2019, SoftBank invested $20 million in Exeger, split into two $10 million investments. This investment established a strategic partnership aimed at accelerating the global deployment of Exeger’s technology and expanding its investments in solar energy solutions.

Prior to this, Exeger received a loan from the Swedish Energy Agency in 2014 to support the development of its solar cell technology. However, this latest financing round represents its first commercial-terms funding, albeit with partial underwriting from EKN and EIF.

Unique Capabilities of Powerfoyle Technology

Exeger asserts that its solar cell technology is unique in its ability to be printed in free-form and in various colors. This allows for seamless integration into a wide range of products, providing them with continuous power.

Initial Product Integrations

Two products currently feature Powerfoyle technology: a bike helmet with an integrated safety taillight from POC, and wireless headphones from Urbanista. Both are scheduled for commercial release next month.

Expansion Plans and Target Markets

The new factory in Stockholm is projected to increase Exeger’s manufacturing capacity tenfold by 2023. This expansion will enable the company to target a broader range of markets and accelerate the adoption of its technology.

Currently, Exeger’s primary target markets include consumer electronics, smart home devices, smart workplace solutions, and the Internet of Things (IoT).

Further device partnerships are expected to be announced throughout the year.

CEO’s Perspective on Funding and Growth

Giovanni Fili, founder and CEO of Exeger, emphasized a pragmatic approach to fundraising. He stated that developing a new energy source and establishing a new industry requires long-term strategic investors who share the company’s vision.

Fili explained that the company chose to pursue debt financing now due to its strengthened financial position following commercialization.

Upcoming Product Launches and Performance

The forthcoming launches of the POC Omne Eternal helmet and the Urbanista Los Angeles headphones, both slated for June, have generated significant interest. Exeger reports that demand for these self-powered products has exceeded expectations.

Powerfoyle-integrated products can charge under both indoor and outdoor light sources, with charging speed proportional to light intensity. For example, the POC helmet’s safety light can be continuously powered by ambient light, eliminating the need for a USB connection.

The Urbanista Los Angeles headphones are expected to provide three hours of battery life for every hour spent charging outdoors. This could potentially eliminate the need for conventional charging for many users.

Vision for the Future

“This is the year of our commercial breakthrough,” Fili stated. “The phenomenal response to the product releases with POC and Urbanista clearly indicates the opportune moment to introduce self-powered products to the world.

He added that mass-scale production is essential to realize the company’s vision of impacting the lives of a billion people by 2030, which is the driving force behind the construction of the new factory.