– The patented Powerfoyle solar cell harvests both indoor and outdoor light energy, paving the way for a wide variety of self-powered devices.
– The loan will help Exeger ramp up the capacity needed to meet growing customer demand.
– The EIB loan to Exeger is backed by the InvestEU programme.
STOCKHOLM, SWEDEN – DECEMEBER 19, 2023 – The European Investment Bank (EIB) has signed a loan agreement of up to €35 million with the Swedish clean tech company Exeger, which manufactures the groundbreaking solar cell technology Powerfoyle. The operation is backed by InvestEU, the financing instrument designed to support more than €372 billion in additional investment for EU policy priorities between 2021 and 2027.
Powerfoyle solar cells for integration into different products
Exeger has developed the dye-sensitised solar cell into an innovative and patented technology (Powerfoyle) that converts both indoor and outdoor light into electricity and enables electronic appliances with low consumption to become self-powered. The unique product has superior performance and characteristics compared to existing alternatives on the market in both indoor and outdoor applications.
Powerfoyle will reduce electronic waste, as many products will no longer require charging cables or single-use batteries. The ultra-thin solar cells with a flexible design enable companies to integrate self-charging capabilities into their products without compromising on visual aesthetics.
Production Hall 1 at Stockholm II
Exeger is investing in scaling up its production capacity at Stockholm II, the company’s second urban factory. The new industrial-scale factory runs on 100% renewable energy and is located in Kista, outside Stockholm. Once fully scaled, Stockholm II will enable Exeger to produce up to 2.5 million m2 per year of its patented solar cells.
The factory is designed to expand in modular steps, allowing for a fast-paced increase in production capacity to meet the growing market demand for Powerfoyle.
“Having long-term funding through mechanisms like InvestEU helps ensure Europe’s sustainable industry continues to be competitive in the evolving global landscape.”
Founder and CEO of Exeger Giovanni Fili
“With its pioneering technology, Exeger will increase the generation and utilisation of renewable power and reduce the volume of electronic waste. The EIB is very proud to support Exeger and its important contribution to a green transition and a more sustainable energy industry in the future,” said EIB Vice-President Thomas Östros.
Founder and CEO of Exeger Giovanni Fili added: “After long and thorough due diligence into the technology and business, I am thrilled to have EIB support with debt financing for the expansion of Stockholm II. The loan is being approved following great commercial traction during 2023, which has resulted in market demand for increased production capacity for Powerfoyle for 2024 and 2025. Having long-term funding through mechanisms like InvestEU helps ensure Europe’s sustainable industry continues to be competitive in the evolving global landscape.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute to EU policy goals.
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.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and thus mobilising at least €372 billion in additional investment.
