A County Durham solar power specialist is gearing up to fully commercialise its technology after securing a £4.3m investment.
Power Roll - Business of the Year 2024 for the Durham, Sunderland and South Tyneside region - has developed an ultra-thin solar film that can generate and store electricity, and which can be installed on almost any surface, from rooftops and vehicles to sides of buildings. The film can also be used in off-grid applications to provide portable power, and Power Roll has also been working with a Norwegian company to explore the potential for zero-emission maritime energy solutions.
Now the Seaham firm – whose solar film is capable of producing green electricity that is significantly cheaper to make than existing flexible solar photovoltaic (PV) tech – has raised £4.3m in its most recent funding round to power up its technology.
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The Jade Business Park company’s latest investment includes £1.5m from NPIF II – Maven Equity Finance, which is managed by Maven Capital Partners as part of the Northern Powerhouse Investment Fund II, £750,000 from the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and £750,000 from the North East Development Capital Fund, supported by the European Regional Development Fund. The remaining £1.3m came from a number of private investors.
The deal marks the first to to be made from the Northern Powerhouse Investment Fund II (NPIF II) in County Durham since the launch of the £660m fund in March this year. The funding will be used to ramp up the development of Power Roll’s fully operational pilot plant, enabling small scale manufacture of its solar products.
The business was founded in 2012 on the back of the invention of its solar photovoltaic microgroove technology, which harnesses the power of the sun in a revolutionary way, using low-cost film, free from rare earth materials, thereby paving the way for a more sustainable future. Power Roll’s tech can also be used in areas previously not able to tap into solar power, including almost a third of commercial sector rooftops that can’t handle the weight of existing solar panels.
Neil Spann, CEO of Power Roll, said: “Power Roll is committed to transforming and reinventing renewable energy globally, enabling more commercial and industrials businesses to access energy through our lightweight flexible solar panel solutions. We have built the foundations for a very exciting future which will generate solar power without draining the Earth’s resources and meet the needs of an increasing demand for sustainable and eco-efficient energy sources.
“We heard about the funding after previously receiving investment through British Business Bank’s Future Fund and having previously sought funding from Maven. Securing further investment from Maven and the Northern Powerhouse Investment Fund II will be an important catalyst for us to achieve the funding we need to really scale our current pilot operations and there’s been a clear feel that we all share a common goal to get this over the line.”
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Dr Michael Dickens, investment manager at Maven Equity Finance said: “We originally invested in Power Roll in 2020 and have worked alongside Neil and the management team as they achieved a number of development, technical and commercial milestones. We’re delighted to continue our support at such a pivotal point in the company’s growth journey. With green energy more important than ever, the need for low-cost clean energy has never been greater and Power Roll’s disruptive solar film technology looks to revolutionise solar energy and assist with the transition towards a more sustainable electrical generation system.”
Sarah Newbould, senior manager at British Business Bank, added: “Power Roll is an ambitious and innovative business with a mission to transition to green energy and transform the future of our planet. The Northern Powerhouse Investment Fund II is committed to supporting technology-enabled, ESG focussed businesses like Power Roll to access the finance they need to achieve their ambitions across the North and beyond.”