Solar energy firm Power Roll secures £1m investment to expand operations
Summary
The firms solar film is capable of producing green electricity that is significantly cheaper to make than existing flexible solar photovoltaic (PV) technologies.The Jade Business Park based business has now received a further \xa31m following a funding round led by Maven Capital Partners. It is hoped that the investment will place the firm at the forefront of the growing solar sector which is expected to be the fastest-growing energy market by the end of the year, with the global solar energy market expected to exceed $220bn this year.Neil Spann, managing director at Power Roll, said: We are delighted by the support that Michael and Maven have provided to Power Roll since its initial investment. The need for low-cost clean energy has never been greater and our solar film has the potential to generate solar energy from the billions of square meters of rooftops where the heavy and rigid silicon panels manufactured in China cannot be deployed.Michael Dickens, investment manager at Maven, said: We originally invested in Power Roll in 2020 and have been pleased to witness the number of development, technical and commercial milestones the company has achieved over the last three years, with its disruptive solar film technology. Neil leads a highly professional team with the right knowledge and scientific experience to drive the business forward and commercialise the technology. With green energy more important than ever, Power Roll looks set to drive innovation and produce next-generation solar solutions to assist with the transition towards a more sustainable electrical generation system.Coun James Rowlandson, portfolio holder for resources, investment and assets at Durham County Council, said: The innovative solar film technology developed by Power Roll has the potential to revolutionise the solar energy industry, providing ultra-low-cost green electricity on a global scale.