Exeger, a developer of solar cell technology, secured a €35 million (~$38.4 million) loan from the European Investment Bank (EIB). The EIB loan is backed by the InvestEU program, the financing instrument designed to support more than €372 billion (~$408 billion) in additional investment for EU policy priorities between 2021 and 2027.
The company developed a dye-sensitized solar cell-based technology named Powerfoyle that converts both indoor and outdoor light into electricity and enables electronic appliances with low consumption to become self-powered. The ultra-thin solar cells with a flexible design enable companies to integrate self-charging capabilities into their products.
Exeger plans to invest in scaling up its production capacity at Stockholm II, the company’s second urban factory located in Kista, outside Stockholm. Once fully scaled, Stockholm II will enable Exeger to produce up to 2.5 million m2 per year of its solar cells. The factory is designed to expand in modular steps, allowing for a fast-paced increase in production capacity to meet the growing market demand.
“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,” said Founder and CEO of Exeger Giovanni Fili.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, solar debt financing activity in 9M 2023 totaled $16 billion in 54 deals, 93% higher than 9M 2022 when $8.3 billion was raised in 48 deals.
Recently, Sonnedix, an independent solar power producer, secured a €500 million (~$545 million) loan facility to finance the construction of its renewable pipeline in Europe and the UK. The loan facility consists of a €450 million (~$490 million) capital expenditure facility and a €50 million (~$55 million) letter of credit facility.
