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HomeFunding Swedish Clean Tech Company Exeger Raises €35M loan from the EIB

[Funding alert] Swedish Clean Tech Company Exeger Raises €35M loan from the EIB

Swedish clean tech company Exeger raises €35M loan from the EIB. The operation is backed by InvestEU, the financing instrument designed to support more than €372 billion in additional investment for EU policy priorities between 2021 and 2027.

Swedish clean tech company Exeger raises €35M loan from the EIB. The operation is backed by InvestEU, the financing instrument designed to support more than €372 billion in additional investment for EU policy priorities between 2021 and 2027.

Exeger has developed the dye-sensitised solar cell into an innovative and patented technology (Powerfoyle) that converts both indoor and outdoor light into electricity and enables electronic appliances with low consumption to become self-powered.

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Powerfoyle will reduce electronic waste, as many products will no longer require charging cables or single-use batteries. The ultra-thin solar cells with a flexible design enable companies to integrate self-charging capabilities into their products without compromising on visual aesthetics.

Exeger is investing in scaling up its production capacity at Stockholm II, the company’s second urban factory. The new industrial-scale factory runs on 100% renewable energy and is located in Kista, outside Stockholm.

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Founder and CEO of Exeger Giovanni Fili said, “Having long-term funding through mechanisms like InvestEU helps ensure Europe’s sustainable industry continues to be competitive in the evolving global landscape.”

EIB Vice-President Thomas Östros said, “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,”.

Founder and CEO of Exeger Giovanni Fili added: “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.”

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute to EU policy goals.

Read also – London-based Vitt Secures €1 Million in Funding

About Exeger

Exeger is a Swedish company with a unique solar cell technology that converts all forms of light into electrical energy. This material, Powerfoyle, is the world’s only fully customisable solar cell. With its superior design properties, it can be integrated seamlessly into any electronic device.

Read also – Madrid-based Green Eagle Solutions Secures €6 Million in Series a Round Funding

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