Acceleris Advise on £2.8m funding round for Power Roll to commercialise a new way to generate and store energy
Investors in this round: Acceleris Capital, Maven Capital Partners, Green Angel Syndicate, Greenwood Way & NorthInvest
Power Roll, the developer of ultra-low-cost and lightweight flexible film for energy generation and storage, confirmed today 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.
Investors include Acceleris Capital, Maven Capital Partners, Green Angel Syndicate, Greenwood Way & NorthInvest.
“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.
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. Power Roll is an ideal example of our investment thesis to back disruptive technologies that can provide social as well as financial returns.”
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.
Power Roll, headquartered in Sunderland, has developed a unique, flexible, lightweight solar film capable of producing ultra-low-cost green electricity that is up to 20 times cheaper to make than existing flexible PV. By applying different coatings to its versatile microgroove design, Power Roll can also use the film for energy storage and to manufacture capacitors. Power Roll’s microgroove film is suitable for non-load-bearing rooftops, building integration, transport, portable applications, off-grid projects and IoT sensors.