Swedish Company Exeger Raises USD 38 Million in Debt Funding

• Sweden's Exeger announced today that it has actually safeguarded USD 20 million in debt financing from Swedbank and Swedish Export Credit Corporation (SEK).

The business, which creates Powerfoyle, an unique solar cell technology that transforms all types of light into tidy, unlimited energy, has actually also secured USD 18 million through a routed share issue to Ilija Batljan Invest AB. Because of this, Exeger's complete financing of this funding rounded amounts to USD 38 million.

Exeger entered its commercialization phase this year as well as has until now launched two items powered by Powerfoyle: a self-powered bicycle helmet along with POC (in February) and also a self-charging wireless headphone with Urbanista (in April). The solar cell material converts all kinds of light, interior or exterior, into electrical power, which power the devices right into which it is incorporated.

Giovanni Fili, Creator and CEO of Exeger, claimed, "We need mass scale production to know our vision which is to touch the lives of a billion individuals by 2030, and that's why the manufacturing facility is being developed now." He included that Swedbank, SEK, EKN, and Ilija Batljan, all play crucial roles in giving the company with the financial protection to initialise the building and construction of a factory with a tenfold production capability, allowing them to provide their solar cell product to a much more comprehensive market and also substantially accelerate this change to a globe where self-powered items end up being an all-natural part of daily life.

According to the firm, the raised funds will certainly be made use of to construct a second solar cell manufacturing facility in Stockholm with a tenfold ability by 2023. The 2nd manufacturing facility will allow Exeger to target a broader variety of markets earlier as well as in so doing increase the mass fostering of their Powerfoyle technology. Exeger has actually applied for, as well as anticipates to acquire licenses, from the pertinent authorities before completion of the year.

"Sustainability is a core and also incorporated part of our service technique-- that's why we have supported Exeger since the beginning," Mikael Björknert, Head of Swedish Banking, Swedbank.

The debt funding includes a financing amounting to USD 12 million from Swedbank, which is partially underwritten by the Swedish Export Credit Agency (EKN) under the guarantee of financial investment credits for companies with technologies. SEK concerns a finance amounting to USD 8 million, which is partially underwritten by the European Mutual Fund (EIF). Exeger additionally conducts a share concern of 937,500 show a total worth of USD 18 million to Ilija Batljan Invest AB. The deal share cost of USD 19.2 (SEK 160) represents a pre-money evaluation of USD 860 million.

"Exeger's procedures, with its groundbreaking solar cell technology and also solid sustainability commitment, are in line with our aspiration to support the export market's financial investments towards even more sustainably created power. Exeger is a company that we forecast will raise Swedish competitiveness and export moving forward," said Jens Hedar, Head of Client Relations, SEK.

Raising such considerable funds is a milestone for Exeger which during the past twelve years have actually created, established and now create Powerfoyle at their present manufacturing site on the Royal Institute of Technology (KTH).