Sunderland's Power Roll receives nearly £3m funding from Acceleris
Acceleris has advised upon the completion of a £2.9m funding round into Power Roll’s novel energy creation and storage technology from existing shareholders and High Net Worth Individuals.
Power Roll Limited has developed proprietary technology that offers a manufacturing platform to develop paper thin, flexible power generation and energy storage devices.
This fundraise follows the production of the first ‘proof of concept’ capacitors and a successful initial manufacturing trial with an international partner company.
Power Roll’s managing director, Neil Spann, said: “We are delighted to announce the completion of this fundraise at such an exciting time for our company.
“We believe our technologies could be disruptive and we are pleased that our existing investors and new investors have believed in our vision. We intend to deploy the funds to accelerate our technologies towards commercialisation.”
The funds will be utilised to take this product to the commercial market as a joint project with a major electronics manufacturer, to undertake a collaboration project with an international public organisation and to produce demonstration products for the solar pv generation technology.
Simon Thorn, corporate finance director at Acceleris Capital, added: “Power Roll have developed an incredibly exciting suite of technologies that we are delighted to support.
“The company have assembled a world class team to complement the potentially world class products and we look forward to seeing the company take the next steps to commercialisation over the next phase and continuing to help the company to grow.”