Solar power pioneers in Sunderland are set to start construction of a new North East plant this year after securing a £5.8m funding package.
Power Roll develops disruptive energy technologies, including an ultra-thin solar film which can both generate and store electricity. Its lightweight solar film can produce green electricity up to 20 times cheaper than existing flexible solar photovoltaic technologies.
Now, over two funding rounds, the firm has secured the multimillion-pound sum to drive forward growth, with equity investors in the most recent round include Indigo 7 Ventures, Kero Development Partners and RAB Capital.
Power Roll also converted a £1.25m loan into equity as part of the Government’s Future Fund scheme, which was launched to support UK firms through the Coronavirus pandemic, enabling it to continue to break new ground in technology and innovation.
The company is pursuing an IP licensing model with manufacturing partners to accelerate deployment of its technology.
The company's technology uses microstructures smaller than a human hair, etched into a flexible plastic film which can then be installed on almost any surface.
It is also fast and cheap to produce, as well as being more sustainable as it takes less time to make.
Finance Durham Fund, which was established by Durham County Council, invested £250,000 in Power Roll in a previous round announced last September and Power Roll will expand its business by building a pilot manufacturing plant in County Durham during 2021.
As part of its growth plans, Power Roll has taken on four new employees, to increase resource in technology, process engineering and business development.
Don Scott, new director of business development joins from Arm Ltd, pioneers in IP licensing, and has 25 years of experience in tech sales, business development, and partner relationship management.
He said: “Power Roll’s flexible solar film has huge potential in a wide range of sectors. I am looking forward to building our commercial ecosystem, partner network and IP licensing programme.
Neil Spann, chief executive, added: “The success of our latest funding round will ensure that we remain on track to meet key milestones as we scale up the technology.
“As well as opening our roll-to-roll pilot plant later this year, we are building our team and we also expect to announce first customers and manufacturing partners.”
