AMF, Sweden’s third biggest pension fund, has taken a 6% stake in unlisted solar cell firm Exeger for SEK277m (€26.2m).
Founded in 2009, Exeger is based in Stockholm and has around 100 employees. Earlier this year the firm, which develops novel printable solar cells for use in mass market products, secured funding from SoftBank and formed a partnership with the Japanese giant’s renewable energy arm SB Energy.
The solar cell was invented in 2010 and uses a light-sensitive dye to collect energy “much like photosynthesis in a leaf”. The technology, which is bendable and won’t break when flexed, means cells can be printed “in any shape or form”, the company says.
“It feels exciting to be able to invest in yet another interesting Swedish innovation company, with what we believe has great potential to achieve global success,” said AMF’s head of equities and ownership Anders Oscarsson. He added it was a way for AMF to broaden its portfolio and improve risk diversification.“AMF is one of the most prestigious investment companies in Sweden which makes this a very proud moment for me and Exeger,” said the firm’s founder and CEO Giovanni Fili.
He said the SoftBank and AMF backing means the “self-powered revolution is coming” with products incorporating its technology appearing on the shelves in 2020.
AMF, which has SEK632bn in assets, is co-owned by Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise, and is operated on mutual principles. It is one of the largest owners on Nasdaq OMX Nordic Stockholm.
The investment giant, which considers the current level of use of fossil fuel cannot be maintained in the long term, has a policy to “strive to invest in companies that actively contribute” to the energy transition.
Earlier this week, AMF made its first direct forestry investment, buying just under 90% of the outstanding shares of BSÖ Holding from Swedish pulp and paper manufacturer BillerudKorsnäs Skog & Industri.