You are currently viewing This Swedish startup has developed a material that converts any light to electrical energy; bags €31.2M

This Swedish startup has developed a material that converts any light to electrical energy; bags €31.2M

The future looks quite bright for renewable energies as different technological approaches are being pursued to convert them into electricity and fuels.

Meet Exeger, a Swedish startup that transforms any form of light into electrical power through its unique solar cell technology to improve everyday life. 

Raised €31.2M

Recently, the Stockholm-based company raised $20M (approx €16.4M) in debt financing from Swedbank and Swedish Export Credit Corporation (SEK). 

The debt financing consists of a loan amounting to $12M (approx €9.8M) from Swedbank, which is partly underwritten by the Swedish Export Credit Agency (EKN) under the guarantee of investment credits for companies with innovations. 

Also, SEK issued a loan amounting to $8M (approx €6.5M), which is partly underwritten by the European Investment Fund (EIF).

The company has also secured $18M (approx €14.8M) through a direct share issue of 937,500 shares to Ilija Batljan Invest AB. The transaction share price of $19.2 (SEK 160) corresponds to a pre-money valuation of $860M (approx €708M).

This takes Exeger’s total funding of this financing round to $38M (approx €31.2M).

Fund utilisation

Exeger will use the funding to build its second solar cell factory in Stockholm with a tenfold capacity by 2023. 

As per the company’s claims, the second factory will enable them to target a broader array of markets sooner, accelerating the mass adoption of their Powerfoyle technology. 

Notably, Exeger has applied for and expects to obtain permits, from the relevant authorities before the end of the year.

Solar cell technology

Image credits: Exeger

Exeger has developed a unique solar cell technology – Powerfoyle, that can convert all forms of light into electrical power. It’s worth mentioning that Powerfoyle also enables the charging of electronic products through daylight and indoor lighting. 

“Powerfoyle, has been brought to market after more than a decade of scientific research and industry development,” says the company. 

The Powerfoyle is made up of a completely new type of patented nanomaterial, with production entirely carried out in the company’s factory in Stockholm. 

The material converts any light to electrical energy, in a process inspired by the natural principle of photosynthesis. It can be applied to an endless range of areas due to its pliable and flexible nature, says the company. 

Two new products

Image credits: Exeger

Exeger entered its commercialisation stage this year and has launched two revolutionary products powered by Powerfoyle: a self-powered bicycle helmet together with POC and self-charging wireless headphones with Urbanista. 

In April, Exeger partnered with Urbanista, the Swedish lifestyle audio brand to launch Urbanista Los Angeles, a noise-canceling, wireless and self-powered headphone. 

“Powerfoyle is seamlessly integrated into the Urbanista Los Angeles headphones, powering them with clean endless energy from the ambient light around you, both indoors and outdoors.”

Image credits: Exeger

On the other hand, the company partnered with POC, a leading Swedish manufacturer of helmets, eyewear, body armour, and apparel, to launch a self-charging helmet, “Omne Eternal.”

“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 initialise 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.”

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