The £660 million Northern Powerhouse Investment Fund II (NPIF II), launched in March, is to invest £1.5 million in solar company Power Roll.
The company produces a a lightweight and flexible ‘solar film’ that can be used, for example, on commercial sector rooftops for which existing solar panels are too heavy.
The investment is part of a £4.3 million fundraising by Power Roll, which also includes £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.
The finding will accelerate the development of Power Roll’s pilot plant located in County Durham, enabling small scale manufacture of its proprietary solar products.
Neil Spann, CEO of Power Roll, said: “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.