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Almost 17 million European homes were powered by solar in 2023, which is a 40% growth in solar installations from 2022. Compared to the 40 GW of solar installed in 2022, this year brought 55.9 GW of new solar capacity across the region. While electricity and gas prices are rising for millions of European households and solar power is being adopted widely, many startups are trying to come up with a solution.
Given the rising demand, several solar tech startups, including Sunsave, Otovo, and SunRoof among others have raised funding. Now, a Swedish clean tech startup Exeger, which manufactures the solar cell technology Powerfoyle has joined this list.
In a recent development, the European Investment Bank (EIB) that recently backed Ryvu Therapeutics and IQM has signed a loan agreement of up to €35 million with Exeger. The operation is backed by InvestEU.
Exeger will invest the amount to ramp up its production capacity at Stockholm II, the company’s second urban factory to meet the ongoing demand. The new industrial-scale factory runs on 100% renewable energy and is located in Kista, outside Stockholm. Following this, Stockholm II will enable Exeger to produce up to 2.5 million m2 per year of its patented solar cells. This factory is designed to expand in modular steps, allowing for a fast-paced increase in production capacity to meet the growing market demand for Powerfoyle.
Exeger, founded by Giovanni Fili in 2009, manufactures Dye-Sensitised Solar Cells (DSC) into its patented solar cell technology Powerfoyle. It converts both indoor and outdoor light into electricity and allows electronic appliances with low consumption to become self-powered. As per the company, its product is said to deliver superior performance and characteristics compared to existing alternatives on the market in both indoor and outdoor applications.
Powerfoyle will reduce electronic waste as many products will no longer require charging cables or single-use batteries. The ultra-thin solar cells with flexible design enable companies to integrate self-charging capabilities into their products without compromising on visual aesthetics.
Last year, the company launched self-powered on-ear headphones in collaboration with Adidas and self-powered earphones with Swedish lifestyle brand Urbanista. Recently, Exeger announced a partnership with 3M company and Phillips and products are slated to be unveiled at CES 2024 in Las Vegas in January.
“With its pioneering technology, Exeger will increase the generation and utilisation of renewable power and reduce the volumes of electronic waste. From the EIB’s side, we are very proud to support Exeger and its important contribution to a green transition and a more sustainable energy industry in the future”, added EIB Vice-President Thomas Östros.
Giovanni Fili, founder and CEO of Exeger, said: “After a long and thorough due diligence into the technology and business, I am thrilled to have the EIB support with debt financing for the expansion of Stockholm II. The loan is approved following great commercial traction during 2023 which has resulted in the market demand for the increased production capacity of 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”.
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