Power Roll secures £2.8m to commercialise solar film and storage technology
Green Angel Syndicate and other investors backed the £2.8m raise, which includes UK Government Future Fund support.
Share allotment filed at Companies House
Power Roll develops lightweight flexible film technologies designed for low-cost renewable energy generation and storage applications.
Power Roll has secured £2.8m in a funding round comprising equity and convertible loans to commercialise its solar film and energy storage technology. The capital includes £2m in equity alongside £0.8m backed by the UK Government Future Fund. Backers participating in the raise include Green Angel Syndicate, Maven, Greenwood Way Capital, Acceleris Capital, NorthInvest, and Innovation SuperNetwork.
The business plans to direct the proceeds towards constructing a pilot plant in County Durham. Additional funds will be allocated to improving cell efficiency and commercialising capacitor technology alongside manufacturing partner Deki Electronics.
The investment arrives as the firm pursues an intellectual property licensing strategy to accelerate deployment. Previous milestones include a 2019 joint venture aimed at manufacturing storage devices for Asian markets.
From the founder
"The success of our funding round and the quality of our investors reflects the global commercial potential for our technology,"
Neil Spann
CEO at Power Roll
Investor perspective
"Power Roll’s unique, low-cost technology could be truly disruptive in the global solar power and energy storage sectors, with green energy never having been more important than it is today. This is a great opportunity for the Finance Durham Fund to support a local business that, with a strong scientific and management team at the helm, has an exciting future ahead of it."
Michael Dickens
Investment Manager, Maven
Use of funds
- 01Build out infrastructure
- 02Fund research and development
Investors
Categories
About the company
Power Roll
Power Roll creates ultra-low-cost flexible film for solar energy generation and storage.