Fortum invests €5.2m in PV cell firm Exeger

08 Dec 2016

Nordic energy giant backs development of printable "indoor solar cells" for consumer electronics roles.

Fortum’s Technology & New Ventures has announced it is to invest €5.2 million in Exeger Sweden, a solar technology company. Exeger develops and produces novel printable solar cells for use in consumer electronics, on buildings and in other applications.

The investor’s parent group, Fortum Oyj is a Finland-based energy company focusing on the Nordic and Baltic countries, Poland and Russia. Fortum operates power plants, including co-generation plants, and generates and sells electricity, heat and steam.

The investment gives Fortum a 5% ownership in the company and aims to increase Exeger’s production capacity from 10 million to 15 million tablet-sized solar cells annually, preparing it for delivering full scale orders.

Exeger’s professed long-term strategy is to enter multiple solar markets, including consumer devices, smart homes, and building integration. The company’s solar cell technology functions well in indoor illumination, is flexible and is claimed to be aesthetically superior to existing commercial technologies. The company has entered into joint development agreements with leading electronics manufacturers to produce self-charging portable devices.

’First global product’

Anne Jalkala from Fortum’s Technology & New Ventures unit, commented, “The investment positions us at the forefront of energy technology and application development, in line with our strategy. 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.”

Exeger’s CEO Giovanni Fili added, “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.”

One of the main objectives in Fortum’s strategy is to build new energy ventures in order to accelerate innovation and commercialization of new solutions. The energy company says it is strengthening its in-house focus on innovation and digitalization, partnering with cutting-edge technology companies and research institutions, as well as investing in startups with new innovations.

About the companies

Exeger says it is making the world’s best indoor solar cell. This lightweight and environmentally-friendly device can be integrated into consumer electronics, internet of things devices and building integration systems. Exeger's goal is “to become Sweden’s next high-tech industrial company”.

Fortum provides customers with electricity, heat and cooling services. Around 64% of its electricity generation is CO₂ free. Key markets are the Nordic and the Baltic countries, Russia, Poland and India. In 2015, it employed some 8,000 energy sector professionals, and sales totaled €3.5 billion. Fortum’s shares are listed on Nasdaq Helsinki.