- Exeger has raised $38 million in its efforts to finance a new solar cell production facility in Sweden
- This financial security to go ahead with the construction of the new fab will provide the company with a 10-fold production capacity by 2023
- Management said it will be able to target a broader array of markets sooner while accelerating the mass adoption of its Powerfoyle technology with the additional capacity
Sweden headquartered printable and flexible solar cell manufacturer Exeger is expanding its dye-sensitized solar cells (DSSC) production capacity with a new solar cell factory in Stockholm for which it has now raised $38 million financing. It provides its solar cells to be integrated to create self-powered electronic devices and also allows electricity harvesting indoors.
In a statement released the company did not specify the exact capacity addition it plans with the new fab, but shared that the proceeds will enable it to build a second solar cell factory in Stockholm with a 10-fold capacity by 2023. It will be able to target a broader array of markets sooner while accelerating the mass adoption of its Powerfoyle technology once the new factory is fully ramped up.
Within 2021, it has launched 2 products using its Powerfoyle technology—a self-powered bicycle helmet together with POC and a self-charging wireless headphone with Urbanista.
“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,” said Exeger Founder and CEO Giovanni Fili. “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.”
Exeger currently has a manufacturing site next to the campus of the Royal Institute of Technology, and has applied for requisite permits for the new fab and expects a positive decision before the end of 2021.
Of the $38 million raised, Swedbank and Swedish Export Credit Corporation (SEK) have pooled in $20 million as debt financing, along with $18 million through a directed share issue to a privately owned family business, Ilija Batljan Invest AB.
In 2019, Exeger raised SEK 277 million from Swedish pension company AMF that acquired a 6% ownership in the company. Exeger counts Japan’s Softbank as one of its investors (see SoftBank Ups Investment In Exeger With $10 Million).