Exeger in a $38 million debt and equity financing round, backed by Ilija Batljan and Swedbank.

Exeger, a Stockholm, Sweden-based company developing dye sensitized solar cells for integration into devices such as headphones and tablet computers, announced the completion of a financing round totalling $38 million.

The money is a mix of $20 million debt provided by Swedbank and Swedish Export Credit Corporation (SEK), and $18 million fresh equity raised from the local angel investor Ilija Batljan via Ilija Batljan Invest AB.

The equity raise transaction corresponds to a pre-money valuation of $860 million.

Proceeds will be used as the company at the beginning of its commercial breakthrough and now builds a second factory in Stockholm with a tenfold capacity by 2023. .

Exeger, founded in 2009 by CEO Giovanni Fili, is a deep tech company manufacturing a carbon positive material that converts light energy to electrical energy.

The company's tech, Powerfoyle, a solar cell solution that transforms all forms of light into clean, endless energy, transforms all forms of light, indoor or outdoor, into clean, renewable energy. The tech is used by a self-powered bicycle helmet via POC and a self-charging wireless headphone unit via Urbanista. The solar cell material converts all forms of light, indoor or outdoor, into electrical energy, which power the devices into which it is integrated.

Exeger previously raised $10 million in 2019 out of a total of $58M, and is backed by investors including Softbank and Stena Sessan.