Maven Capital Partners has led a £1 million funding round for County Durham-based Power Roll, a developer of flexible solar film.
The transaction comprised two investments from Maven-managed regional funds including a £750,000 investment from the North East Development Capital Fund, supported by the European Regional Development Fund, and a £250,000 investment from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham.
Maven contributed a £250,000 investment through the Finance Durham Fund in 2020, before leading an additional £2.5 million funding round in 2021 from the Finance Durham Fund and the North East Development Capital Fund.
Power Roll opened its solar film pilot manufacturing facility in County Durham last year and the business is now producing first generation solar film from the new pilot plant.
Michael Dickens, Investment Manager at Maven, said: “We originally invested in Power Roll in 2020 and have been pleased to witness the number of development, technical and commercial milestones the company has achieved over the last three years, with its disruptive solar film technology.”
Neil Spann, Managing Director, Power Roll, said: “Our mission is to revolutionise solar energy powering a global rooftop solar revolution from here in County Durham. The need for low-cost clean energy has never been greater and our 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.”