Durham Solar energy film company raises £2.5m in funding round

A Durham based developer of “ultra-low-cost and lightweight flexible” energy generation film has raised £2.5m in a funding round.

The transaction comprised two investments from Maven managed regional funds including a £500K investment from the Finance Durham Fund, and a £250K investment from the North East Development Capital Fund. A further £1.75m was invested by existing shareholders.

Newly headquartered in County Durham, Power Roll originally secured investment from the Finance Durham Fund last year to open a new manufacturing facility. The business has since relocated to Jade Business Park in Seaham to support the construction of a solar film pilot plant.

Today’s transactions will enable the business to embark on a programme of growth to support its growing list of UK and international customers as well as invest in the development of the newly opened manufacturing plant in Durham.

Power Roll has developed a solar film capable of producing green electricity that is up to 10 times cheaper to make than existing flexible solar photovoltaic (PV) technologies.

The film is suitable for non-load-bearing rooftops, building integration, transport, portable applications, off-grid projects and IoT sensors, and can also be used for energy storage and to manufacture capacitors.

The global solar energy market is expected to reach over $220bn in 2026 with the thin flexible solar panel market expected to be worth $10bn by 2023.

Michael Dickens, investment manager at Maven, said: “Neil and the team have worked hard to open the new facility at Jade Business Park and it’s been a great move for the business as they continue to expand their customer reach and invest in the technology of their product.

“We look forward to working with Power Roll as they embark on their next phase of growth.”

Neil Spann, managing director, Power Roll, said: “We are in a very exciting phase of Power Roll’s development and are on track to meet key milestones as we scale up our technology.

“Our pilot plant is nearing completion and will enable us to produce flexible solar film using a roll-to-roll manufacturing process with a view to further scaling in the UK and internationally. We very much appreciate our investors’ support and are looking forward to settling into our new home on Jade Business Park.”