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Manufacturing

Solar innovator Power Roll raises further £2.5m to ramp up overseas business

The pioneering energy company will also use the latest to develop its new base in County Durham

An artist's impression of how the flexible Power Roll film can be used on a range of surfaces(Image: Power Roll)

A further £2.5m investment has been pumped into North East solar power innovator Power Roll to help it grow its overseas business as well as its new base.

Power Roll has developed an ultra-thin solar film which can generate and store electricity, producing green power up to 10 times more cheaply than traditional technologies. Its products can be installed on all manner of surfaces, including rooftops and sides of buildings.

The company – which has also created off-grid applications to provide portable power – was originally launched in Washington but relocated to Jade Business Park in Seaham on the back of £5.8m of investment over two funding rounds, including an initial £250,000 investment from Durham County Council’s Finance Durham Fund.

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Now Maven Capital Partners has led a £2.5m funding round in Power Roll, comprising two investments from Maven managed regional funds including a £500,000 investment from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham.

It also includes a £250,000 investment from the North East Development Capital Fund,
supported by the European Regional Development Fund, and a further £1.75m from existing shareholders.

The transactions will enable the business to embark on a programme of growth to support its growing list of º£½ÇÊÓÆµ and international customers, as well as invest in the development of the newly opened manufacturing plant in Durham.

Power Roll’s flexible, lightweight solar film is proving to be a draw across the solar panel and capacitor markets, which are large and growing due to the increasing global demand for renewable electricity and electronic devices.