What does Sweden have to do with music? Well, apparently, a lot more than you would have initially expected. After Spotify’s (SPOT) worldwide success (yes, the music streaming platform was founded by two Swedish dudes), the Nordic country is ready to churn out another multi-billion dollar business. This time we’re talking about Exeger, a tech firm that uses solar-cell material to convert light into energy. What does this have to do with music? Exeger has just struck headphone deals with both Adidas AG and Urbanista SE. You see, Exeger’s innovative technology has the ability to self-charge devices with the sole power of light (time to throw away your electrical sockets and cables).
With an estimated $1b valuation, Exeger is now considering an IPO. The company, which is backed by SoftBank, is seeking additional liquidity to fund a new solar-cell manufacturing plant in Stockholm. Exeger needs to upscale its Powerfoyle (that’s the cool name they gave to the solar-cell technology) production if it wishes to sell its technology to other brands. According to the company’s CEO, at least other 30 brands are in line to secure Exeger’s Powerfoyle.
why it matters
Solar panels have already been a game-changer for large-scale utilities. Exeger's technology could bring us into a second phase where solar energy is utilized for smaller-scale problems such as headphones running out of battery.