Sweden’s Exeger, which for over a years has actually been establishing adaptable solar battery modern technology (called Powerfoyle) that it promotes as reliable sufficient to power devices exclusively with light, has actually absorbed an additional tranche of moneying to broaden its production capacities by opening up a 2nd manufacturing facility in the nation.
The $38 million raising is included $20M in the red funding from Swedbank and also Swedish Export Credit Corporation (SEK), with a financing totaling up to $12M from Swedbank (partially financed by the Swedish Export Credit Agency (EKN) under the warranty of financial investment debts for firms with developments) and also SEK providing a financing totaling up to $8M (partially financed by the pan-EU European Investment Fund (EIF)); in addition to $18M with a guided share concern to Ilija Batljan Invest ABDOMINAL.
The share concern of 937,500 shares has a deal share rate of $19.2 — which represents a pre-money assessment of $860M for the solar battery manufacturer.
Back in 2019 SoftBank likewise placed $20M right into Exeger, in 2 financial investments of $10M — getting in a calculated collaboration to increase the international rollout of its technology and also more expanding its different financial investments in solar power.
The Swedish firm has likewise formerly got a financing from the Swedish Energy Agency, in 2014, to create its solar battery technology. But this most recent financial obligation funding round is its very first on business terms (albeit partially financed by EKN and also EIF).
Exeger states its solar battery technology is the just one that can be published in free-form and also various shades, indicating it can “seamlessly enhance any product with endless power”, as its Public Relations places it.
So much 2 tools have actually incorporated the Powerfoyle technology: A bike headgear with an incorporated safety and security taillight (by POC), and also a set of cordless earphones (by Urbanista). Although neither has actually yet been readily introduced — yet both are slated to take place sale following month.
Exeger states its scheduled 2nd manufacturing facility in Stockholm will certainly enable it to enhance its production capability significantly by 2023, aiding it target a more comprehensive selection of markets faster and also increasing its objective of mass fostering of its technology.
Its major target audience for the unique solar battery modern technology presently consist of customer electronic devices, wise house, wise office, and also IoT.
More tool collaborations are slated as coming this year.
“We don’t label our rounds but take a more pragmatic view on fundraising,” stated Giovanni Fili, creator and also Chief Executive Officer. “Developing a new technology, a new energy source, as well as laying the foundation for a new industry takes time. Thus, a company like ours requires long-term strategic investors that all buy into the vision as well as the overall strategy. We have spent a lot of time and energy on this, and it has paid off. It has given the company the resources required, both time and money, to bring an invention to a commercial launch, which is where we are today.”
Fili included that it’s picked to increase financial obligation funding currently “because we can”.
“The same answer as when asked why we build a new factory in Stockholm, Sweden, rather than abroad. We have always said that once commercial, we will start leveraging the balance sheet when securing funds for the next factory. Thanks to our long-standing relationship with Swedbank and SEK, as well as the great support of the Swedish government through EKN underwriting part of the loans, we were able to move this forward,” he stated.
Discussing the upcoming 2 launching devices, the POC Omne Eternal headgear and also the Urbanista Los Angeles earphones — which will certainly both go sale in June — Fili states passion in the self-powered items has “surpassed all our expectations”.
“Any product which integrates Powerfoyle is able to charge under all forms of light, whether from indoor lamps or natural outdoor light. The stronger the light, the faster it charges. The POC helmet, for example, doesn’t have a USB port to power the safety light because the ambient light will keep it charging, cycling or not,” he informs TechCrunch.
“The Urbanista Los Angeles wireless headphones have already garnered tremendous interest online. Users can spend one hour outdoors with the headphones and gain three hours of battery time. This means most users will never need to worry about charging. As long as you have our product in light, any light, it will constantly charge. That’s one of the key aspects of our technology, we have designed and engineered the solar cell to work wherever people need it to work.”
“This is the year of our commercial breakthrough,” he included a declaration. “The phenomenal response from the product releases with POC and Urbanista are clear indicators this is the perfect time to introduce self-powered products to
the world. We need mass scale production to realize our vision which is to touch the lives of a billion people by 2030, and that’s why the factory is being built now.”