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Swedish Firm Behind Adidas Self-Charging Headphones Weighs IPO

Swedish Firm Behind Adidas Self-Charging Headphones Weighs IPO

Exeger of Sweden, a solar technology firm backed by SoftBank Group, has hired accountants to explore an initial public offering in either its home market or the U.S.

“PwC is helping us to do the IPO readiness,” Giovanni Fili, chief executive officer of Exeger, said in an interview. “When that is done, we will make an assessment together with a suitable investment bank.”

The company, founded in 2009, uses thin, flexible solar-cell material -- called “Powerfoyle” -- to convert light into energy and has already struck headphone deals with Adidas AG and Urbanista SE. 

Swedish Firm Behind Adidas Self-Charging Headphones Weighs IPO

The CEO says Exeger is now negotiating with as many as 30 consumer brands to develop new products that rely on the technology as consumers look to ditch electrical sockets and cables in favor of self-charging devices.

“We are talking hundred of millions of IOT sensored products,” Fili said, referring to the Internet of Things. “It’s going to generate a significant turnover.”

To help fund the next phase in that expansion, including a new solar-cell manufacturing factory in Stockholm, the company is seeking a fresh equity injection of as much as 70 million euros ($79 million), in particular from international investors. 

Swedish Firm Behind Adidas Self-Charging Headphones Weighs IPO

“This might be our last round of equity,” said Fili, who owns a 7% stake in Exeger--a company that is heading for a “significantly higher” valuation than the $1 billion mark surpassed in June.

Fili says Exeger will showcase the world’s first solar-powered communications device with Blue Tiger at CES, a global tech conference, in January as part of its strategy to scale up the Powerfoyle brand on par with that of Goretex or Intel. 

“Our vision is to touch the lives of a billion people by 2030. We want to be present everywhere and become a standard,” he said.

©2021 Bloomberg L.P.