Power Roll Closes £2.8m Funding Round
Power Roll, the developer of ultra-low-cost and lightweight flexible film for energy generation and storage, has confirmed that it has raised £2.8m of investment to commercialise its unique solar film and capacitor technologies. The investment comprises £2.0m of equity and £0.8m of convertible loans as part of the Future Fund scheme set up by the UK Government.
“The success of our funding round and the quality of our investors reflects the global commercial potential for our technology,” commented Neil Spann, Managing Director, Power Roll. “Our investors are excited about the new markets we can exploit and disrupt. There's huge potential for solar and energy storage in a vast range of new applications including non-load-bearing rooftops, building integration, transport, off-grid and even powering Internet of Things sensors.”
Power Roll's solar film will deliver the lowest levelised cost of electricity for any solar technology, with a projected manufactured cost of just $0.03/Watt at scale. This is a fraction of the cost of other flexible solar solutions. Power Roll's technology simplifies manufacturing by eliminating multiple, expensive process steps that other solar photovoltaic (PV) technologies require, and uses high speed roll-to-roll production processes.
Michael Dickens, Investment Manager at Maven, said, “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.”
Power Roll is accelerating deployment of its technology by pursuing an IP licensing model with manufacturing partners. In 2019, it announced its first joint venture with Deki Electronics to manufacture capacitors and innovative storage devices for key Asian markets.
Power Roll will use the funding to construct a solar film pilot plant in County Durham, further improve cell efficiency of the solar film and commercialise its capacitor technology with Deki.
Ian Leigh, founder of Greenwood Way Capital, said: “We introduce members to early stage companies with disruptive technology and we are delighted to be investing in Power Roll. The company has exciting and unique technology which will be disruptive both in the thin film PV and the energy storage sectors. The company has the combination of seasoned entrepreneurial management, and leading scientists, which we believe will underpin future success.”
Antoine Pradayrol, director at Green Angel Syndicate, said: “Power Roll's promise of making lightweight flexible solar PV at a fraction of the cost of existing technology is uniquely compelling and can massively accelerate the development of solar energy globally. Green Angel Syndicate, the only syndicate in the UK specialising in early stage businesses that tackle global warming and climate change, is proud to support Power Roll in this round at such an exciting time.”
Patrick Molyneux, corporate finance director at Acceleris Capital said: “It is pleasing to provide further support to Power Roll on their mission to disrupt energy creation and storage. COVID-19 has highlighted the need to focus on the green economy and reducing the costs of renewable energy. We believe Power Roll is very well placed to address this global need.”
Jordan Dargue, Investment Director at NorthInvest and Access to Finance Manager at Innovation SuperNetwork, said: “NorthInvest and the Innovation SuperNetwork are delighted to have supported Power Roll on this fundraise and collaborate with fellow angel groups and VCs to further assist. As a start-up that represents the high quality of businesses in the North of England who are thriving despite the pressures of COVID-19, we hope Power Roll's successful raise sets a trend of investment in the region.”