GWC leads a £5.7m investment into Power Roll
Investors in this round: GWC
GWC is pleased to announce that its members have invested in Power Roll via equity and a convertible loan note.
Power Roll, a developer of ultra-low-cost and lightweight flexible film for energy generation and storage, confirmed today that it has raised a further £2.9m, which takes total investment in the firm to £5.7m over two funding rounds completed in the last six months.
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 solar film is suitable for non-load-bearing rooftops, building integration, transport, portable applications, off-grid projects and IoT sensors.
“The success of our latest funding round will ensure that we have sufficient capital to meet key milestones as we scale up the technology,” commented Neil Spann, CEO, Power Roll. “As well as opening our roll-to-roll pilot plant for our unique solar film this year, we are developing other applications including capacitors and sensors, and are strengthening our team to support market delivery. We expect to announce further strategic partnerships in due course.” ” We are very grateful for the assistance of GWC for introducing us to suitable investors who can contribute to our exciting journey.”
Ian Leigh, GWC CEO and Founder, commented: “We are very excited about Power Roll’s technology and its potential applications in clean energy production and storage. The company has the potential to generate solar powered electricity on numerous building surfaces at a very low cost. The technology is also has significant application in energy storage. We look forward to working with the management team and fellow investors.”
GWC is a network of UHNWIs and Family Offices that invest in early stage UK companies that have disruptive technology. For further information see http://www.gwc.london