Swedish Company Exeger Raises USD 38 Million in Debt Financing

Budget reactions

Sweden’s Exeger announced today that it has secured USD 20 million in debt financing from Swedbank and Swedish Export Credit Corporation (SEK). The company, which produces Powerfoyle, a unique solar cell technology that transforms all forms of light into clean, endless energy, has also secured USD 18 million through a directed share issue to Ilija Batljan Invest AB. As a result, Exeger’s total funding of this financing round amounts to USD 38 million.

Exeger entered its commercialization stage this year and has so far launched two 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.

Giovanni Fili, Founder and CEO of Exeger, said, “We need mass scale production to realise our vision which is to touch the lives of a billion people by 2030, and that’s why the factory is being built now.” He added that Swedbank, SEK, EKN, and Ilija Batljan, all play key roles in providing the firm with the financial security to initialise the construction of a factory with a tenfold production capacity, enabling them to offer their 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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According to the company, the raised funds will be used to build a second solar cell factory in Stockholm with a tenfold capacity by 2023. 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,” Mikael Björknert, Head of Swedish Banking, Swedbank.

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). 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.

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“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,” said Jens Hedar, Head of Client Relations, SEK.

Raising such considerable funds 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).