Stockholm-based Exeger, a clean tech company known for its solar cell technology, Powerfoyle, announced that it has secured a loan of up to €35M from the European Investment Bank (EIB).
The loan, supported by InvestEU, aims to contribute to EU policy priorities by facilitating additional investment in sustainable initiatives, with a total goal of over €372B between 2021 and 2027.
EIB Vice-President, Thomas Östros says, “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.”
A “unique” solar cell technology
Exeger has developed Powerfoyle, a “unique” solar cell technology that converts all light forms into electrical energy.
This patented and fully customisable solar cell can integrate into electronic devices, enabling self-powering for low-consumption appliances using both indoor and outdoor light.
Exeger claims that Powerfoyle exhibits superior performance and characteristics compared to existing alternatives in the market.
Powerfoyle’s integration into electronic devices will contribute to a reduction in electronic waste, eliminating the need for charging cables or disposable batteries.
The “ultra-thin” and flexible design of Powerfoyle solar cells empowers companies to integrate self-charging features into their products without sacrificing visual aesthetics.
Capital utilisation
Exeger will use the funds to expand its production capacity at Stockholm II, a sustainable factory powered by 100 per cent renewable energy in Kista, outside Stockholm.
Once fully scaled, Stockholm II is aiming to produce up to 2.5 million m2 per year of Powerfoyle solar cells. This expansion is in response to the increasing market demand for the technology.
Giovanni Fili, founder and CEO of Exeger says, “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,” adds Fili.
Brief about InvestEU programme
The InvestEU programme is a vital initiative for the European Union, providing long-term funding by leveraging private and public funds to support a sustainable recovery.
Aligned with EU priorities such as the European Green Deal and digital transition, InvestEU consolidates various financial instruments into one platform, simplifying and enhancing funding for investment projects in Europe.
Comprising the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal, the programme involves a €26.2B EU budget guarantee to financial partners, aiming to mobilise at least €372B in additional investment for impactful projects.
