Power Roll, the leading technology disrupter in the flexible PV market, with its innovative, lightweight solar power film for commercial and industrial buildings, has secured £4.3m in its funding round today. The proceeds of the funds will be used to accelerate the development of Power Roll’s fully operational pilot plant located in County Durham, enabling small scale manufacture of its proprietary solar products.
Strategy
Led by Neil Spann, Chief Executive and the wider executive team who have significant experience in the renewable energy, scale up and public markets, Power Roll was established in 2012. The business is focused on the commercialisation of its solar PV microgroove technology, which utilises low-cost film, free from rare earth materials and with sustainable characteristics.
To date, Power Roll has proven the technology and manufacturing process, 23 patent families with over 100 individual patented rights and established blue chip manufacturing partners, suppliers and potential customers.
Fundraise status
Power Roll has maintained support for its growth plans from its existing investors, alongside backing from Maven Equity Finance, which is managed by Maven Capital Partners. This round of funding also includes £1.5m from the British Business Bank’s Northern Powerhouse Investment Fund II (NPIF II), making this its first investment in the Durham region since the launch of the £660m fund in March this year.
With the completion of this funding round, Power Roll will now focus on further progressing technical progress at its Durham plant, completing a subsequent fundraise that is already at an advanced stage, to allow Power Roll to complete its relocation to a commercial scale manufacturing facility. This will give Power Roll the ability to initially produce 100MW scaling to 1GW to meet global growth demands.
Market opportunity
Power Roll has an established commercialisation strategy with a clear sightline on the market opportunities. As referenced in the UK Government’s ambition to ‘unlock a rooftop revolution’, one in three commercial rooftops cannot handle the weight of traditional solar panels; this is the equivalent to 12 billion square meters globally. Power Roll’s film-material provides a lightweight and flexible solution, which can be used on a variety of of grid spaces, replacing carbon emitting diesel generators. With solar energy expected to be the world’s largest source of power by 2050, providing 40% of the world’s electricity, flexible PV can unlock £250bn of an untapped market for commercial and industrial rooftops.
Neil Spann, Chief Executive 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 are delighted by the support we have received from both new and existing investors in this funding round and look forward to delivering the next stage of our journey to full commercialisation. “
Sarah Newbould, Senior Manager at British Business Bank said: “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.”
Dr Michael Dickens, Investment Manager at Maven Equity Finance said: “Securing investment is about much more than just the finance. It’s about finding a long-term business partner who is as committed to the business as the management team. We originally invested in Power Roll in2020 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.”
For further information, please contact:
Neil Spann, Chief Executive of Power Roll
Via Camarco
Ginny Pulbrook, Andrew Turner, Rosie Driscoll at Camarco
+44 (0) 20 7526 3600
Power Roll, headquartered near Seaham, County Durham, is a leading technology disrupter in the flexible PV market that has developed an innovative, lightweight solar power film for commercial and industrial buildings. In the UK, one third of commercial rooftops cannot handle the weight of traditional solar panels; this is the equivalent to 12 billion square meters globally. Power Roll’s microgroove film provides a lightweight and flexible solution which is suitable for low-load bearing rooftops, building integration, transport, portable applications, off-grid projects and more. With solar energy expected to be the world’s largest source of power by 2050, providing 40% of the world’s electricity, flexible PV can unlock £250bn of an untapped market for commercial and industrial rooftops. To date, Power Roll has proven the technology and manufacturing process, 24 patent families with over 120 individual patented rights and established blue chip manufacturing partners, suppliers and potential customers.
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