The European Investment Bank (EIB) has signed a loan agreement of up to €35 million with Exeger, a Swedish cleantech company known for its innovative solar cell technology called Powerfoyle. Exeger has raised over €169 million, including a €16.1 million Series B funding round in March of this year.

Exeger has developed the Dye-Sensitized Solar Cell (DSC) into its patented technology, Powerfoyle. This technology efficiently converts both indoor and outdoor light into electricity, enabling electronic appliances with low consumption to become self-powered. The application of Powerfoyle in both indoor and outdoor scenarios is expected to contribute significantly to reducing electronic waste, as many products will no longer require charging cables or single-use batteries.

Flexible Design and Production Expansion

Powerfoyle utilizes ultra-thin solar cells with a flexible design, allowing companies to integrate self-charging capabilities into their products without compromising visual aesthetics. Exeger is actively investing in scaling up its production capacity at Stockholm II, the company’s second urban factory. The new industrial-scale factory operates on 100 percent 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 modular design of the factory allows for rapid expansion in production capacity to meet the growing market demand for Powerfoyle. The operation is backed by InvestEU, a financing instrument designed to support additional investment toward EU policy priorities.

EIB Vice-President and Exeger CEO Comments

Thomas Östros, Vice-President of the EIB, highlighted the significance of Exeger’s technology, stating, “With its pioneering technology, Exeger will increase the generation and utilization of renewable power and reduce the volumes of electronic waste. From the EIB’s side, we are very proud to support Exeger and its important contribution to a green transition and a more sustainable energy industry in the future.”

Giovanni Fili, founder and CEO of Exeger, expressed enthusiasm about the EIB support and the debt financing for the expansion of Stockholm II. He noted the market demand for increased production capacity of Powerfoyle for 2024 and 2025 and emphasized the importance of long-term funding for Europe’s sustainable industry to remain competitive globally.

The loan from the EIB is expected to further bolster Exeger’s efforts to advance its innovative solar cell technology and contribute to the sustainability goals of the European Union.

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