Power Roll has raised £4.3 million, including £1.5 million from NPIF II – Maven Equity Finance, 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 £1.3 million was secured via a number of private investors.
Power Roll operates at the cutting edge of green energy, aiming to significantly increase the worldwide uptake of solar power and support the transition to net zero. Its disruptive technology relies on a novel architecture called “microgrooves,” similar to a hologram, designed to produce solar power on virtually any surface, all over the world.
As Power Roll gears up to fully commercialise its innovative solar product, the funding will be used to accelerate the development of Power Roll’s pilot plant location in County Durham, enabling small scale manufacture of its proprietary solar products.
The business was founded in 2012 on the back of the invention of disruptive solar photovoltaic microgroove technology which revolutionises the way we harness power from the sun. The unique technology pushes the boundaries of solar energy, utilising low-cost film, free from rare earth materials, which is paving the way for a more sustainable future.
“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.”
Neil Spann, CEO of Power Roll
It's opening the door to cultivate solar power in areas that have previously been unreachable. The film material provides a lightweight and flexible solution that can be used on rooftops and off 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, Power Roll is committed to transforming and reinventing renewable energy beyond the North East. With plans to commercially license the manufacturing process internationally, the business aims to launch the ground-breaking technology globally, saving carbon and changing the future.
“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.”
Sarah Newbould, Senior Manager at British Business Bank
Since Maven's initial investment into Power Roll in 2020, the business has achieved a number of development, technical and commercial milestones. Power Roll's solar film has the potential to generate solar energy from the billions of square meters of rooftops where the heavy and rigid silicon panels manufactured in China cannot be deployed.
“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 in 2020 and have worked alongside Neil and the management team as they embarked on a programme of growth to continue its intensive product development pathway, allowing for the production of its innovative solar film to be commercialised on a global scale. 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.”
Dr Michael Dickens, Investment Manager at Maven Equity Finance
"As part of our ongoing efforts to support sustainable development in County Durham, we are delighted to continue backing Power Roll through the Finance Durham Fund. This investment strengthens our commitment to driving innovation and creating lasting economic growth in the region. Power Roll’s ground-breaking solar technology not only places County Durham at the heart of renewable energy advancements but also highlights our dedication to fostering forward-thinking businesses that make a global impact."
Cllr James Rowlandson, Cabinet member for resources, investment and assets at Durham County Council
NPIF II - Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across the North East of England. If your business, or the business you advise, is looking for an equity investment as a solution to fund future growth, get in touch here.