Sweden’s Exeger, which for over a decade has been creating flexible solar cell know-how (known as Powerfoyle) that it touts as environment friendly sufficient to power gadgets solely with gentle, has taken in one other tranche of funding to broaden its manufacturing capabilities by opening a second manufacturing unit within the nation.
The $38 million elevate is comprised of $20M in debt financing from Swedbank and Swedish Export Credit score Company (SEK), with a mortgage amounting to $12M from Swedbank (partly underwritten by the Swedish Export Credit score Company (EKN) beneath the assure of funding credit for firms with improvements) and SEK issuing a mortgage amounting to $8M (partly underwritten by the pan-EU European Funding Fund (EIF)); together with $18M by way of a directed share subject to Ilija Batljan Make investments AB.
The share subject of 937,500 shares has a transaction share price of $19.2 — which corresponds to a pre-money valuation of $860M for the solar cell maker.
Again in 2019 SoftBank additionally put $20M into Exeger, in two investments of $10M — getting into a strategic partnership to speed up the worldwide rollout of its tech and additional extending its numerous investments in solar power.
The Swedish firm has additionally beforehand acquired a mortgage from the Swedish Power Company, in 2014, to develop its solar cell tech. However this newest debt financing spherical is its first on business phrases (albeit partly underwritten by EKN and EIF).
Exeger says its solar cell tech is the one one that may be printed in free-form and totally different colours, which means it could “seamlessly improve any product with countless power”, as its PR places it.
Up to now two units have built-in the Powerfoyle tech: A bike helmet with an integrated safety taillight (by POC), and a pair of wireless headphones (by Urbanista). Though neither has but been commercially launched — however each are slated to go on sale subsequent month.
Exeger says its deliberate second manufacturing unit in Stockholm will enable it to improve its manufacturing capability tenfold by 2023, serving to it goal a broader array of markets sooner and accelerating its purpose of mass adoption of its tech.
Its predominant goal markets for the novel solar cell know-how at present embody shopper electronics, smart house, smart office, and IoT.
Extra device partnerships are slated as coming this yr.
“We don’t label our rounds however take a extra pragmatic view on fundraising,” stated Giovanni Fili, founder and CEO. “Creating a new know-how, a new power source, in addition to laying the inspiration for a new business takes time. Thus, an organization like ours requires long-term strategic traders that every one purchase into the imaginative and prescient in addition to the general strategy. Now we have spent so much of time and power on this, and it has paid off. It has given the corporate the sources required, each money and time, to deliver an invention to a business launch, which is the place we're at present.”
Fili added that it’s chosen to elevate debt financing now “as a result of we are able to”.
“The identical reply as when requested why we construct a new manufacturing unit in Stockholm, Sweden, moderately than overseas. Now we have at all times stated that after business, we'll begin leveraging the stability sheet when securing funds for the subsequent manufacturing unit. Thanks to our long-standing relationship with Swedbank and SEK, in addition to the good help of the Swedish authorities by way of EKN underwriting half of the loans, we had been in a position to transfer this ahead,” he stated.
Discussing the forthcoming two debut gizmos, the POC Omne Everlasting helmet and the Urbanista Los Angeles headphones — which can each go sale in June — Fili says curiosity within the self-powered merchandise has “surpassed all our expectations”.
“Any product which integrates Powerfoyle is in a position to cost beneath all varieties of gentle, whether or not from indoor lamps or pure out of doors gentle. The stronger the sunshine, the quicker it costs. The POC helmet, for instance, doesn’t have a USB port to power the protection gentle as a result of the ambient gentle will maintain it charging, biking or not,” he tells TechCrunch.
“The Urbanista Los Angeles wi-fi headphones have already garnered super curiosity online. Customers can spend one hour outdoor with the headphones and achieve three hours of battery time. This implies most customers won't ever want to fear about charging. So long as you have got our product in gentle, any gentle, it'll continually cost. That’s one of the important thing points of our know-how, we've designed and engineered the solar cell to work wherever individuals want it to work.”
“That is the yr of our business breakthrough,” he added in an announcement. “The exceptional response from the product releases with POC and Urbanista are clear indicators that is the proper time to introduce self-powered merchandise to
the world. We'd like mass scale production to understand our imaginative and prescient which is to touch the lives of a billion individuals by 2030, and that’s why the manufacturing unit is being constructed now.”
Source : TechCrunch
Originally posted 2021-05-11 10:12:04.