Power Roll, a developer of lightweight flexible solar films, recently announced a £1 million funding round led by Maven Capital Partners. Power Roll has been doing work on perovskites combined with its patented low-cost and high-resolution conductive surfaces Microgrooves technology.
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, which is the first facility in the world to produce low-cost, lightweight, flexible solar film using Power Roll’s patented micro-groove technology. The business is now producing first generation solar film from the new pilot plant.
Power Roll’s unique solar film is capable of producing ultra-low-cost green electricity that is significantly cheaper to make than existing flexible solar photovoltaic (PV) technologies. The film is suitable for non-load-bearing rooftops, building integration, transport, portable applications, and off-grid projects.
Maven’s transaction will enable the business to embark on a program of growth to continue its intensive product development pathway, allowing for the production of its innovative solar film to be commercialized on a global scale.