STOCKHOLM, SWEDEN – MARCH 4, 2024 – Exeger , the Swedish deep-tech company behind the revolutionary solar cell technology Powerfoyle™, today announces it has received the first payment of the European Investment Bank (EIB) loan which was granted in December 2023.
In December 2023, the EIB signed a loan agreement worth €35 million for scaling up Exeger’s cutting-edge solar cell technology on the back of the commercial traction and contracts signed during 2023 with market leading companies. The first tranche payment was contingent on Exeger securing counter funding of €20 million in equity financing. During the scale-up of the second factory, Stockholm II, Exeger will receive several payments from the EIB which, together with the counter funding, will amount to a total €55 million.
Giovanni Fili, Founder and CEO of Exeger explains, “This first payment is the most important as it signifies the execution of the EIB loan agreement and helps Exeger achieve its commercial goals beyond 2025. The Swedish and European financial ecosystems have played and will continue to play a significant role in the success of Exeger and the funding of breakthrough deep tech companies.”
“This first payment is the most important as it signifies the execution of the EIB loan agreement and helps Exeger achieve its commercial goals beyond 2025.”
Founder and CEO of Exeger Giovanni Fili
Giovanni Fili continues, “With the customers signed last year, which are all market leaders in their respective fields, the seven products announced earlier in January, the ongoing capacity increase, and this funding, Exeger is geared to reach its mass market potential in the coming twelve months. This will make a real impact on the carbon footprint of the electronics industry.”
Details of the €20 million equity financing will be made available once finalized during Q2.
Exeger is a Swedish company with a unique solar cell technology that converts all forms of light into electrical energy. This material, Powerfoyle, is the world’s only fully customisable solar cell. With its superior design properties, it can be integrated seamlessly into any electronic device.
Powerfoyle enhances every product it is integrated into with extended or even unlimited battery life, putting the power of cutting-edge solar cell technology directly in the hands of people. Exeger is leading the way to energy independence through more sustainable and user-friendly products — with the vision to touch the lives of a billion people by 2030.
