Exeger is at the beginning of its commercial breakthrough and now builds a second factory in Sweden, in order to ramp up production and bring its solar cell technology to consumers all around the world.
Exeger (www.exeger.com), the Swedish company which produces Powerfoyle, a unique solar cell technology that transforms all forms of light into clean, endless energy, today announces that it has secured USD 20 million in debt financing from Swedbank and Swedish Export Credit Corporation (SEK). The company has also secured USD 18 million through a directed share issue to Ilija Batljan Invest AB. This will take Exeger’s total funding of this financing round to USD 38 million.
Exeger entered its commercialization stage this year and has so far launched two revolutionary 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 solar cell material converts all forms of light, indoor or outdoor, into electrical energy, which power the devices into which it is integrated.
“This is the year of our commercial breakthrough. The phenomenal response from the product releases with POC and Urbanista are clear indicators this is the perfect time to introduce self-powered products to the world,” explains Giovanni Fili, Founder and CEO of Exeger. ”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. 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.”
The raised funds will be used to build a second solar cell factory in Stockholm with a tenfold capacity by 2023. This is a milestone for Exeger which during the past twelve years have invented, developed and now produce Powerfoyle at their current manufacturing site on the Royal Institute of Technology (KTH). 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.
“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,” Mikael Björknert, Head of Swedish Banking, Swedbank.
“Exeger’s operations, through its groundbreaking solar cell technology and strong sustainability commitment, are in line with our ambition to support the export industry’s investments towards more sustainably produced energy. Exeger is a company that we predict will increase Swedish competitiveness and export going forward” adds Jens Hedar, Head of Client Relations, SEK.
The debt financing consists of a loan amounting to USD 12 million from Swedbank, which is partly underwritten by the Swedish Export Credit Agency (EKN) under the guarantee of investment credits for companies with innovations. SEK issues a loan amounting to USD 8 million, which is partly underwritten by the European Investment Fund (EIF).
“We are proud that EKN, by covering 80 percent of the lender’s risk, can assist Exeger to secure the financing they need in order to scale up their production and go for international success. Companies such as Exeger account for a large part of Swedish exports and EKN is there for them,” says Carl-Johan Karlsson, Director of Business Area for SME and Midcorp.
Exeger also conducts a share issue of 937,500 shares with a total value of USD 18 million to Ilija Batljan Invest AB. The transaction share price of USD 19.2 (SEK 160) corresponds to a pre-money valuation of USD 860 million.
“It is with great pride that I chose to invest in Exeger,“ adds Ilija Batljan. ”They are building a new industry in Sweden and create new work opportunities in manufacturing and research. Their solar cell material Powerfoyle is exactly what the world needs right now as plug-in electricity accounts for more than a quarter of the 51 billion tons of CO2that is emitted by the world each year and. Every product out there can be made better with Powerfoyle, for both users and the environment. This is only the beginning for Exeger and I look forward to being a part of this exciting journey. And as Bill Gates emphasized: ”electricity without green house gases is the single most important thing we must do to avoid a climate disaster”, and it is there Exeger will play a central role.”