Exeger takes $38M to ramp up production of its flexible solar cells for self-powered gadgets
The $38 million raise is consisted of $20M in debt funding from Swedbank and Swedish Export Credit Corporation (SEK), with a loan amounting to $12M from Swedbank (partially financed by the Swedish Export Credit Agency (EKN) under the assurance of financial investment credits for business with developments) and SEK releasing a loan amounting to $8M (partly financed by the pan-EU European Investment Fund (EIF)); along with $18M through a directed share issue to Ilija Batljan Invest AB.
Talking about the forthcoming 2 debut gadgets, the POC Omne Eternal helmet and the Urbanista Los Angeles headphones– which will both go sale in June– Fili states interest in the self-powered products has actually “surpassed all our expectations”.
Its primary target audience for the unique solar cell innovation presently consist of customer electronic devices, wise house, smart workplace, and IoT.
Up until now 2 devices have integrated the Powerfoyle tech: A bike helmet with an integrated security taillight (by POC), and a pair of cordless headphones (by Urbanista). Neither has actually yet been commercially released– but both are slated to go on sale next month.
More device collaborations are slated as coming this year.
Exeger states its solar battery tech is the only one that can be printed in different and free-form colors, implying it can “seamlessly enhance any product with unlimited power”, as its PR puts it.
Sweden’s Exeger, which for over a decade has been establishing versatile solar battery technology (called Powerfoyle) that it touts as effective adequate to power gizmos entirely with light, has taken in another tranche of moneying to broaden its manufacturing capabilities by opening a second factory in the nation.
Exeger states its planned second factory in Stockholm will enable it to increase its production capacity significantly by 2023, helping it target a broader selection of markets sooner and accelerating its goal of mass adoption of its tech.
The Swedish business has likewise formerly got a loan from the Swedish Energy Agency, in 2014, to develop its solar cell tech. “Developing a brand-new technology, a brand-new energy source, as well as laying the structure for a new industry takes time.”Any item which incorporates Powerfoyle is able to charge under all forms of light, whether from indoor lamps or natural outside light. The more powerful the light, the much faster it charges. As long as you have our item in light, any light, it will constantly charge.
The share problem of 937,500 shares has a deal share price of $19.2– which represents a pre-money evaluation of $860M for the solar battery maker.
Back in 2019 SoftBank also put $20M into Exeger, in 2 financial investments of $10M– entering a tactical partnership to speed up the global rollout of its tech and more extending its numerous investments in solar power.
Exeger’s Powerfoyle solar cell tell incorporated into a pair of Urbanista earphones (Image credits: Exeger/Urbanista)
“We do not identify our rounds but take a more practical view on fundraising,” stated Giovanni Fili, creator and CEO. “Developing a new innovation, a new energy source, as well as laying the foundation for a brand-new market takes time. Hence, a company like ours needs long-lasting tactical investors that all buy into the vision in addition to the total strategy. We have spent a lot of time and energy on this, and it has actually paid off. It has actually provided the company the resources required, both time and cash, to bring an invention to a commercial launch, which is where we are today.”
“The Urbanista Los Angeles wireless earphones have actually currently amassed remarkable interest online. Users can spend one hour outdoors with the headphones and gain three hours of battery time. This suggests most users will never ever require to fret about charging. As long as you have our product in light, any light, it will constantly charge. That’s one of the crucial elements of our technology, we have actually developed and crafted the solar cell to work wherever people need it to work.”
“Any item which integrates Powerfoyle is able to charge under all types of light, whether from indoor lamps or natural outside light. The stronger the light, the much faster it charges. The POC helmet, for example, does not have a USB port to power the security light because the ambient light will keep it charging, biking or not,” he informs TechCrunch.
Fili added that it’s selected to raise debt financing now “because we can”.
“This is the year of our industrial advancement,” he included a statement. “The phenomenal action from the product releases with POC and Urbanista are clear indications this is the ideal time to introduce self-powered products to
the world. We require mass scale production to realize our vision which is to touch the lives of a billion people by 2030, which’s why the factory is being developed now.”
“The very same answer as when asked why we develop a new factory in Stockholm, Sweden, instead of abroad. We have always said that once industrial, we will start leveraging the balance sheet when protecting funds for the next factory. Thanks to our enduring relationship with Swedbank and SEK, as well as the terrific support of the Swedish federal government through EKN underwriting part of the loans, we had the ability to move this forward,” he stated.
The Swedish company has also previously received a loan from the Swedish Energy Agency, in 2014, to establish its solar battery tech. This newest debt funding round is its very first on business terms (albeit partly financed by EKN and EIF).