Sweden-based solar technology developer Exeger Sweden yesterday obtained €5.2m ($5.5m) from clean energy company Fortum’s corporate venturing division Technology and New Ventures in return for a 5% stake.
Exeger has developed printable solar cells that can be used in consumer electronics, where the company has created an e-reader prototype, in smart homes and elsewhere.
The cash will help Exeger boost its production capacity from 10 million to 15 million tablet-sized solar cells per year as the company gears up to deliver full-scale orders.
Anne Jalkala, vice-president for sartup and fund investments at Fortum, said: “In the coming years, we will invest €100m to €200m in the most promising startups and funds. This investment implements Fortum’s strategy to be in the forefront of energy technology and application development.
“Exeger’s light-harvesting technology in consumer electronics is the most advanced in the market and can be applied in several fields of global interest.”
Giovanni Fili, chief executive of Exeger, said: “Fortum’s strategic investment is the last piece in our puzzle to prepare for our first global product launch. It will allow us to ramp up our production capacity even further in order to start accepting commercial orders in 2017.”