The Swedish clean tech company Exeger, known for its innovative solar cell technology Powerfoyle, has secured a loan agreement of up to €35 million from the European Investment Bank (EIB). This financial arrangement, supported by InvestEU, aims to facilitate additional investment of over €372 billion for EU policy priorities between 2021 and 2027.
Exeger's Powerfoyle technology, based on dye-sensitized solar cells, has the ability to convert both indoor and outdoor light into electricity. This groundbreaking and patented technology empowers electronic devices with low energy consumption to be self-powered. Notably, Powerfoyle surpasses existing alternatives in terms of performance and characteristics for both indoor and outdoor applications.
The implementation of Powerfoyle is expected to contribute to a reduction in electronic waste, as it eliminates the need for charging cables or disposable batteries in many products. The ultra-thin and flexible design of these solar cells allows companies to integrate self-charging capabilities into their products without compromising visual aesthetics.
Exeger plans to enhance its production capacity at Stockholm II, its second urban factory, by investing in scaling up operations. This industrial-scale facility, powered by 100% renewable energy, is situated in Kista, outside Stockholm. Upon reaching full capacity, Stockholm II will enable Exeger to produce up to 2.5 million square meters per year of its patented solar cells. The factory is designed for modular expansion, enabling a rapid increase in production to meet the growing market demand for Powerfoyle.
EIB Vice-President Thomas Östros expressed pride in supporting Exeger's pioneering technology, emphasizing its potential to boost renewable power generation, reduce electronic waste, and contribute to a more sustainable energy industry.
“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.
Exeger's Founder and CEO, Giovanni Fili, welcomed the EIB's debt financing support for expanding Stockholm II, highlighting the market demand for increased Powerfoyle production in 2024 and 2025. Fili emphasized the importance of long-term funding, such as through mechanisms like InvestEU, to maintain Europe's competitiveness in the evolving global sustainable industry landscape.
“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.”
