Exeger, a Swedish clean tech startup specializing in solar cell technology, has secured a significant investment of €35 million from the European Investment Bank (EIB). This funding will be used to increase production capacity at the company’s second urban factory, Stockholm II, located in Kista, outside Stockholm.
The investment will enable Exeger to produce up to 2.5 million m² per year of its patented solar cells at Stockholm II. The factory, which runs on 100% renewable energy, is designed to expand in modular steps, allowing for a fast-paced increase in production capacity to meet the growing market demand for Powerfoyle.
Powerfoyle: A Patented Solar Cell Technology
Founded in 2009 by Giovanni Fili, Exeger manufactures Dye-Sensitised Solar Cells (DSC) into its patented solar cell technology, Powerfoyle. This technology converts both indoor and outdoor light into electricity, enabling electronic appliances with low consumption to become self-powered. Powerfoyle is said to deliver superior performance and characteristics compared to existing alternatives on the market in both indoor and outdoor applications.
Reducing Electronic Waste
Powerfoyle aims to reduce electronic waste as many products will no longer require charging cables or single-use batteries. The ultra-thin solar cells with flexible design enable companies to integrate self-charging capabilities into their products without compromising on visual aesthetics.
Collaborations and Future Products
Last year, the swedish company launched self-powered on-ear headphones in collaboration with Adidas and self-powered earphones with Swedish lifestyle brand Urbanista. The company also announced partnerships with 3M and Phillips, with products slated to be unveiled at CES 2024 in Las Vegas in January.
Statements from EIB and Exeger
EIB Vice-President Thomas Östros praised the startup for its pioneering technology, which will increase the generation and utilization of renewable power and reduce electronic waste. Giovanni Fili, founder and CEO of the Clean Tech Company, expressed excitement about the EIB’s support with debt financing for the expansion of Stockholm II, following great commercial traction during 2023.
Advancing Clean Tech and Renewable Energy
The funding round marks a significant step in advancing clean technology and renewable energy. With its innovative solar cell technology, the startup is well-positioned to make a substantial impact in the sustainable industry and contribute to a greener future.