Swedish dye-sensitised solar cell (DSSC) company Exeger has raised SEK178.9 million (US$19 million) to support the continued roll-out of its flexible solar cell technology, Powerfoyle.
Exeger decided to issue up to 1,118,125 new shares at a price of SEK160 (US$17.2) per share, accruing a total of US$19 million that will also be used support capacity investments to enable further production ramp-up.
The company had previously said that a planned second factory opening in the Swedish capital of Stockholm would enable it to increase its manufacturing capacity tenfold by 2023.
“When the time is right, we will raise additional funds to accelerate our global roll-out. Our vision is ambitious: to touch the lives of a billion people and build the next generation of Swedish industry”, said Exeger CEO Giovanni Fili.
In May last year, Exeger raised US$38 million from Swedbank and Swedish Export Credit Corporation, which followed a US$20 million raise in 2019.
The company claims that its Powerfoyle technology can “transform any indoor and outdoor light into clean, endless energy” without the need for direct sunlight via a ‘solar skin’.