Power Roll on growth trail after £4.3 million backing

A solar film maker says its expansion plans have heated up following £4.3 million support.

Power Roll is accelerating the development of a pilot plant following investor backing.

Bosses at the firm, based in Murton, near Seaham, County Durham, say the cash will help scale manufacture of its lightweight renewables apparatus, which has been designed to “cultivate solar power in previously unreachable areas” such as commercial rooftops.

Its financial support was headed by £1.5 million from the Northern Powerhouse Investment Fund II – Maven Equity Finance.

An additional £1.3 million was secured from private investors, with a further £750,000 from Business Durham’s Finance Durham Fund and another £750,000 from the North East Development Capital Fund, which is supported by the European Regional Development Fund.

It builds on £1 million support from Maven Capital Partners a year ago.

Neil Spann, Power Roll chief executive, said: “We are committed to transforming and reinventing renewable energy globally. 

“We have built the foundations for a very exciting future, which will generate solar power without draining the Earth’s resources.

“Securing further investment from Maven and the Northern Powerhouse Investment Fund II will be an important catalyst for us to achieve the funding we need to really scale our current pilot operations.”

Dr Michael Dickens, Maven Equity Finance investment manager, said: “We’re delighted to continue our support at such a pivotal point in the company’s growth journey.”

Sarah Newbould, British Business Bank senior manager, said: “Power Roll is an ambitious and innovative business with a mission to transition to green energy and transform the future of our planet.”

Councillor James Rowlandson, Durham County Council’s cabinet member for resources, investment and assets, added: “Power Roll’s groundbreaking technology not only places County Durham at the heart of renewable energy advancements but highlights our dedication to fostering forward-thinking businesses that make a global impact.”

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