Exeger Valuation, Funding & Investors
Exeger is valued at $860M as of December 2022.
Last Exeger valuation
$860M
Series B · Dec 2022
Last Exeger funding round
$17M
Series B · Feb 2023
Cumulative funding Exeger raised
$148M
across 9 funding rounds
Key investors in Exeger
Stena Sessan
SoftBank Group
AMF
SEB Group
Neudi & Co
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Santhe Dahl Invest
About Exeger
Exeger Sweden AB is a Stockholm-based developer of Powerfoyle solar cell technology for ambient light energy harvesting. The thin-film cells power wearables, consumer electronics, and IoT devices indoors and outdoors, powering products from Bose headphones to fitness trackers. Commercialized since 2020, the technology achieves up to 10 percent efficiency under LED lighting.
Founded
2008
HQ
StockholmWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$860M (Dec 2022)
Exeger Valuation
Exeger is currently valued at $860M, based on its Series B in December 2022.
The $39M round included Santhe Dahl Invest, SEB Group, Neudi & Co, AMF and Stena Sessan.
Exeger's valuation has moved from $878M at its undisclosed-stage round in May 2021 to $860M in December 2022, across 2 priced rounds.
Exeger valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2022 | Series B | $860M |
| May 2021 | Undisclosed stage | $878M |
Exeger Funding History
Exeger has raised a total of $148M across 9 funding rounds.
Exeger's first fundraising round was a $6M Series A in December 2016. The most recent completed round was a $17M Series B in February 2023.
Exeger funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Series B | - | $17M | - | Exeger Sweden AB, a Swedish deep-tech company, develops Powerfoyle solar cell technology that converts all forms of light into electrical energy for integration into electronic devices to extend battery life. On February 23, 2023, Exeger secured SEK 179.8 million through directed share issues of 1,634,845 new series B common shares at SEK 110 each to new and existing institutional shareholders. This followed a December 2022 raise of SEK 400 million at the same SEK 110 per share price from similar directed issues. The 2023 funding supported Exeger's continued development and expansion amid an uncertain macro climate, building on prior raises like a March 2022 issue of up to 1,118,125 shares at SEK 160 per share to existing shareholders and affiliates. |
| Dec 2022 | Series B | Santhe Dahl Invest; SEB Group; Neudi & Co; AMF; Stena Sessan | $39M | $860M | Exeger, a Swedish company producing Powerfoyle solar cell technology that converts all forms of light into clean energy, secured USD 38 million in financing in late 2022 to build a new solar cell factory in Stockholm with tenfold production capacity. The financing comprised USD 20 million in debt from Swedbank and Swedish Export Credit Corporation (SEK), plus USD 18 million via a directed share issue of 937,500 shares at USD 19.2 (SEK 160) per share to Ilija Batljan Invest AB, corresponding to a pre-money valuation of USD 860 million. Funds will support construction of the second factory by 2023, enabling mass-scale production to reach a billion people by 2030 and accelerate adoption in self-powered products. This milestone builds on 12 years of inventing and producing Powerfoyle at their initial site on the Royal Institute of Technology (KTH), targeting broader markets sooner. Exeger anticipates obtaining necessary permits by year-end. |
| Mar 2022 | Undisclosed stage | - | $19M | - | Exeger is a Swedish deep tech company specializing in Powerfoyle®, a customizable solar cell technology that converts all forms of light into electricity, enabling extended battery life in electronic devices with a vision to reach a billion people by 2030. On March 31, 2022, Exeger raised SEK 178.9 million through a directed share issue of up to 1,118,125 new shares priced at SEK 160 per share to existing shareholders and affiliates, with proceeds allocated to Powerfoyle roll-out and production capacity expansion. The CEO highlighted strong investor support and plans for additional fundraising to accelerate global deployment. This March 2022 round formed part of Exeger's broader 2022 fundraising efforts amid a challenging market, including later raises such as SEK 400 million in December 2022 via directed share issues at SEK 110 per share (SEK 340.6 million gross plus SEK 59.4 million commitments) from investors like SEB Investment Management, Neudi Capital, and others, and SEK 179.8 million in February 2023 at the same price. |
| May 2021 | Undisclosed stage | Ilija Batljan Invest (lead) | $18M | $878M | Exeger Sweden AB, a Stockholm-based deep tech company founded in 2009 by CEO Giovanni Fili, develops Powerfoyle, a dye-sensitized solar cell technology that converts all forms of light—indoor or outdoor—into clean electrical energy for integration into consumer devices like headphones and helmets. The material is carbon-positive and enables self-powered products, with early commercial successes including Urbanista's Los Angeles headphones and POC's self-powered bicycle helmet. In November 2021, Exeger completed a $38 million financing round comprising $20 million in debt from Swedbank and Swedish Export Credit Corporation (SEK), and $18 million in fresh equity via a directed share issue of 937,500 shares at $19.2 per share to Ilija Batljan Invest AB. This equity transaction corresponded to a pre-money valuation of $860 million, with proceeds funding the construction of a second factory in Stockholm to achieve tenfold production capacity by 2023 and support mass-scale commercialization targeting a billion users by 2030. The round marked Exeger's commercial breakthrough amid growing demand for sustainable energy solutions, building on prior funding including a $10 million tranche in 2019 toward a total of $58 million from investors like SoftBank and Stena Sessan. Exeger's 2021 annual report notes net sales of SEK 5,965 thousand (up from SEK 172 thousand in 2020), reflecting initial market traction, alongside an EBITDA loss of SEK -227.5 million. Capital expenditures were substantial, with SEK 85.9 million invested in property, plant, and equipment and SEK 32.3 million in intangible assets, underscoring the focus on scaling manufacturing. The company also raised SEK 150 million through two directed share issues to Ilija Batljan Invest during the second half of 2021. Ilija Batljan Invest, a family-owned firm managing approximately SEK 5 billion in assets focused on social infrastructure and climate mitigation, led the equity portion as the key backer enabling factory expansion. This investment positioned Exeger to broaden Powerfoyle's application in consumer electronics, accelerating the shift toward self-powered devices amid global sustainability trends. |
| May 2020 | Undisclosed stage | Stena Sessan | - | - | Stena Sessan invested in Stockholm-based solar cell developer Exeger, taking a position that made it one of the company's ten largest shareholders. The investment was made during the first quarter of 2020 and announced in May 2020, and was among the first made under Stena Sessan's revised strategy of building a diversified portfolio of unlisted growth companies. Exeger has continued to raise capital to scale production of its Powerfoyle light-harvesting film for consumer electronics. |
| Sep 2019 | Series A | SoftBank Group (lead); Stena Sessan | $10M | - | Exeger, a Stockholm-based deep tech company founded in 2009 by CEO Giovanni Fili, develops dye-sensitized solar cells using its carbon-positive Powerfoyle material that converts ambient light—both natural and artificial—into electrical energy for integration into consumer electronics like headphones and tablets. The technology enables self-powered devices without charging cords and can be printed in free-form shapes and colors for seamless product integration. In September 2019, SoftBank Group Corp. executed an additional $10 million investment into Exeger, based on an option right from its original March 2019 $10 million investment, bringing SoftBank's total to $20 million. This funding aimed to strengthen Exeger's organization ahead of its first product shipments scheduled for 2020. Concurrently, Exeger entered a strategic partnership with SB Energy Corp., SoftBank's Japanese subsidiary, to accelerate global rollout of the technology and develop Exeger-powered products within the SoftBank ecosystem. Fortum, a partial owner since its €5 million investment in 2016, highlighted SoftBank's commitment as validation of Exeger's potential to disrupt consumer markets with its ambient-light-efficient solar cells. Exeger operated a production factory in Stockholm and had expanded with an office in Shanghai via the Swedish Energy Agency’s Cleantech Hub. |
| Jun 2019 | Undisclosed stage | AMF | $30M | - | AMF invested SEK 277 million in the Stockholm solar cell developer Exeger for a six per cent stake, becoming one of the company's larger institutional shareholders. The investment followed Exeger signing its first commercial contract with a major global consumer brand and was earmarked for automating production at a new Stockholm facility. AMF has held the position since and still reported a six per cent stake in 2025. |
| Mar 2019 | Series A | SoftBank Group (lead) | $10M | - | Exeger Operations AB is a Swedish deep technology company founded in 2009 that manufactures dye-sensitized solar cells branded as Powerfoyle. The technology converts light energy—both natural and artificial—into electrical energy and can be integrated into consumer electronics and devices such as headphones and tablets to enable self-powered operation without traditional battery charging. SoftBank Group Corp. invested $10 million in Exeger in March 2019 and executed a second $10 million investment in September 2019 based on an option right included in the original agreement. The capital was deployed to strengthen the company's organization and prepare for the first product shipments scheduled for 2020. In conjunction with the investments, SoftBank's subsidiary SB Energy Corp. entered into a strategic partnership with Exeger to accelerate global rollout of the technology. The company operated a factory in Stockholm and expanded internationally, opening an office in Shanghai in 2018 as part of the Swedish Energy Agency's cleantech hub initiative. |
| Dec 2016 | Series A | - | $6M | - | Exeger, a Swedish solar cell company, raised $5.5 million from Fortum in December 2016 in exchange for a 5% stake. The funding supported expansion of capacity for its dye-sensitized solar cell technology. No valuation, revenue, or EBITDA details were specified for this round. |
Who has invested in Exeger?
7 investors have backed Exeger across its funding rounds, including Stena Sessan, SoftBank Group, AMF, SEB Group, Neudi & Co and Santhe Dahl Invest.
Lead investors include Ilija Batljan Invest and SoftBank Group.
Exeger Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Stockholm | 3 | Participant | Sep 2019 | |
 Tokyo | 2 | Lead | Mar 2019 | |
| Stockholm | 2 | Participant | Jun 2019 | |
| Santhe Dahl Invest | Stockholm | 1 | Participant | Dec 2022 |
| Stockholm | 1 | Participant | Dec 2022 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Exeger
Exeger has acquired 1 company to date.
Last acquisition by Exeger was on December 16th 2021. Exeger acquired Intivation for undisclosed valuation.
Latest Acquisitions by Exeger
| Description | Intivation is a Netherlands-headquartered developer of solar-powered mobile phones, chargers, and battery packs serving handset manufacturers and network operators. Originating from True Solar Autonomy in 2003 and rebranded in 2009, it operates from Amsterdam with offices in Hong Kong and Nairobi, Kenya. |
| HQ Country |  |
| HQ City | Rotterdam |
| Deal Date | 16 Dec 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Exeger Competitors
Exeger competitors include listed companies like Energy Vault, Hyliion and Emerald Horizon, and private ones like CMBlu Energy AG, Our Next Energy and Antora Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United States | Publicly listed | $204M | ($83M) | $769M | 3.6x | |
| United States | Publicly listed | $3M | ($60M) | $729M | 60.8x | |
 Alzenau | Private | - | - | $1.2B | - | |
| Detroit, MI | Private | - | - | $1.2B | - | |
 Austria | Publicly listed | $259K | ($523K) | $1.2B | - | |
| San Francisco, CA | Private | - | - | $574M | - |
Exeger Public Comps
Exeger is still privately-owned, but its public comps include Engie Energia Peru, ADS-TEC Energy, Waaree RTL, Shanghai Huitong Energy, Reliance Power, Canadian Solar, JANAF, Energy Vault, SP New Energy and Greencoat Renewables.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $653M | $256M | 1.9x | 2.0x | 4.9x | 5.2x | |||
| $36M | ($3M) | 23.2x | 26.7x | (278.0x) | - | |||
| $347M | $66M | 2.5x | 1.9x | 13.3x | 10.8x | |||
| $15M | $6M | 49.7x | - | 119.6x | - | |||
| $751M | $278M | 3.2x | - | 8.6x | - | |||
| $5.6B | $546M | 1.6x | 1.5x | 16.1x | 15.6x | |||
| $137M | $74M | 6.3x | - | 11.6x | - | |||
| $204M | ($83M) | 4.6x | 3.6x | (11.4x) | (46.2x) | |||
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Common questions about Exeger
| When was Exeger founded? | Exeger was founded in 2008. |
| Where is Exeger headquartered? | Exeger is headquartered in Stockholm, Sweden. |
| Is Exeger publicly listed? | No, Exeger is a private, VC-backed company. |
| What is Exeger's valuation? | Exeger was last valued at $860M in its Series B in December 2022. |
| How much funding has Exeger raised? | Exeger has raised $148M across 9 funding rounds. |
| What was Exeger's last funding round? | Exeger's last funding round was a $17M Series B in February 2023. |
| Who are Exeger's investors? | Exeger's investors include Stena Sessan, SoftBank Group, AMF, Santhe Dahl Invest, SEB Group, Neudi & Co and Ilija Batljan Invest. |
| Which companies are comparable to Exeger? | Companies comparable to Exeger include Energy Vault, Hyliion, CMBlu Energy AG, Our Next Energy, Emerald Horizon and Antora Energy. |
| How many companies has Exeger acquired? | Exeger has acquired 1 company, including Intivation. |
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