Swedish company Exeger, which has been developing flexible solar cell technology (Powerfoyle) that is so efficient that devices can only run on light for over a decade, has raised another tranche of funding to expand its production capacity by opening a second plant in to expand the country.
The $ 38 million increase includes $ 20 million debt financing from Swedbank and Swedish Export Credit Corporation (SEK) and a $ 12 million loan from Swedbank (partly from the Swedish Export Credit Agency (EKN) signed under the investment loan guarantee) for companies with innovation) and SEK, which provides a loan of USD 8 million (partially signed by the EU-wide European Investment Fund (EIF)); along with $ 18 million through a directed equity issue to Ilija Batljan Invest AB.
The stock issue of 937,500 shares has a transaction share price of $ 19.2 – a pre-money valuation of $ 860 million for the solar cell maker.
Back in 2019, SoftBank invested $ 20 million in Exeger, two investments totaling $ 10 million – a strategic partnership to accelerate the global adoption of its technology and expand its various investments in solar energy.
The Swedish company already received a loan from the Swedish Energy Agency in 2014 to develop its solar cell technology. However, this final round of debt financing is the first on commercial terms (albeit partially signed by EKN and EIF).
According to Exeger, solar cell technology is the only one that can be printed in freeform and in a variety of colors, meaning it can “seamlessly upgrade any product with endless performance,” as PR puts it.
So far, two devices have integrated the Powerfoyle technology: a bicycle helmet with an integrated safety rear light (from POC) and a pair of wireless headphones (from Urbanista). Both have not yet been launched commercially – but both should go on sale next month.
Exeger says its planned second plant in Stockholm will allow it to increase its manufacturing capacity tenfold by 2023 to target a wider range of markets faster and accelerate its goal of mass adoption of its technology.
The main target markets for the novel solar cell technology currently include entertainment electronics, smart homes, smart workplaces and IoT.
Further device partnerships are planned for this year.
“We do not mark our rounds, but see the collection of donations more pragmatically,” said Giovanni Fili, Founder and CEO. “The development of a new technology, a new energy source and the laying of the foundation stone for a new industry take time. A company like ours therefore needs long-term strategic investors who are interested in both the vision and the overall strategy. We put a lot of time and energy into it and it paid off. It has given the company the resources it takes, both time and money, to get an invention off to a commercial start where we are today. “
Fili added that it was decided to increase leverage now “because we can”.
“The same answer as when we asked why we are building a new factory in Stockholm, Sweden and not abroad. We have always said that once we are commercial, we will take advantage of the balance sheet in raising funds for the next factory. Thanks to our long-standing relationship with Swedbank and SEK, as well as the great support of the Swedish government by subscribing part of the loans to EKN, we were able to move this forward, ”he said.
Fili talks about the upcoming two debut gizmos, the POC Omne Eternal helmet and the Urbanista Los Angeles headphones, both of which will hit stores in June. Fili says the interest in self-powered products “exceeded all of our expectations”.
“Every product that integrates Powerfoyle can be charged under all types of light, whether with indoor lamps or natural outdoor light. The stronger the light, the faster it will be charged. For example, the POC helmet doesn’t have a USB port to power the safety light because the ambient light is charging, cycling or not charging, ”he told ..
“Urbanista Los Angeles wireless headphones have already generated a lot of interest online. Users can spend an hour outdoors with the headphones on and gain three hours of battery life. This means that most users never have to worry about recharging. As long as you have our product in the light, it will be constantly charged. This is one of the key aspects of our technology. We designed and engineered the solar cell to work wherever people need it to work. “
“This is our commercial breakthrough year,” he added in a statement. “The phenomenal response to the product releases with POC and Urbanista is a clear indicator that this is the perfect time to introduce products with their own power supply
the world. We need mass production to achieve our vision of touching the lives of a billion people by 2030 and that is why the factory is being built now. “