Epishine raised SEK 80 million from Axsol, Philian, Beijer Ventures and angel investors from Sweden.

Epishine, a Linköping, Sweden-based solar cell manufacturer, announced closing a SEK 80 million ($9.4M) capital investment round.

The money was raised from investors from Sweden, including AxSol, the solar energy group of Swedish family-owned group Axel Johnson, and existing shareholders Almi Invest GreenTech, Karl-Johan Persson’s investment company Philian, Beijer Ventures and Vigo Carlund.

Post deal, AxSol becomes Epishine’s largest individual shareholder with an ownership share of 20%.

Epishine, founded in 2016 as a spinoff from Linköping's and Chalmer's Universities by Mattias Josephson (CEO), Jonas Bergqvist, Emma Woxlin, Anders Elfwing, Olle Inganäs and Thomas Österberg, manufactures solar cells that can replace batteries in products such as fire alarms, alarm sensors and electric small gadgets.

The company developed a process for printing organic solar cells with industry-leading low-light efficiency, and recently launched their first product on the world market: a small-scale solar cell that harvests indoor light to supply power to IoT products.

Business cases include a wide range of low-energy indoor product categories - in addition to the initial products’ focus on prop-tech, to in-store product and price signage, the solar cell’s applications include wireless sensors, electronic locks and smoke alarms within the real estate sector.

Epishine previously raised $3 million from Beijer Ventures in 2020 and $1.3 million in 2018.