Softbank-backed Exeger pulls in £27M funding to launch revolutionary self-charging wireless devices

Exeger Image credits: Exeger

Exeger is a Swedish startup that produces Powerfoyle, a unique solar cell technology that transforms all forms of light into clean, endless energy. 

Recently, the Stockholm-based startup has secured $20 million (approx £14.1 million) in debt financing from Swedbank and Swedish Export Credit Corporation (SEK). 

The company has also secured $18 million (approx £14.1 million) through a direct share issue to Ilija Batljan Invest AB. Notably, the company issued 937,500 shares. The transaction share price of $19.2 (SEK 160) corresponds to a pre-money valuation of $860 million (approx £609 million). Previously, Japan’s Softbank Group also invested in the startup. This takes Exeger’s total funding of this financing round to $38 million (approx £27 million).

How will the funding be used?

The funding will be used to build a second solar cell factory in Stockholm with a tenfold capacity by 2023. The second factory will enable the company to target a broader array of markets sooner and in so doing accelerate the mass adoption of their Powerfoyle technology. 

The company also conducted a share issue of 937,500 shares with a total value of $18 million (approx £14.1 million) to Ilija Batljan Invest AB. The transaction share price of $19.2 (SEK 160) corresponds to a pre-money valuation of $860 million (approx £609 million).

Converts all forms of light into electrical energy

Founded by Giovanni Fili in 2009, 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 a self-charging wireless headphone with Urbanista. The products will be available in the UK in the coming months, which is a key territory, claims the company.

The solar cell material converts all forms of light, indoor or outdoor, into electrical energy, which powers 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 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.”

“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.

“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 CO 2 that 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 emphasised: ”electricity without greenhouse 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.”