Maven invests a further £1 million in County Durham-based Power Roll
Published:
Read Time: 7 mins
Funding will support the business in its next stage of development to produce next-generation solar solutions to assist with the transition towards net zero
Durham, 06 July 2023: Maven Capital Partners (“Maven”) has led a £1 million funding round in County Durham-based Power Roll, a developer of ultra-low-cost and lightweight flexible solar film for renewable energy generation, as part of its continued commitment to, and investment in the North East.
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 programme of growth to continue its intensive product development pathway, allowing for the production of its innovative solar film to be commercialised on a global scale.
Solar is expected to be the fastest-growing energy sub-segment by the end of the year, with the global solar energy market expected to exceed $220 billion this year.
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.”
Neil Spann, Managing Director, Power Roll, said: “We are delighted by the support that Michael and Maven have provided to Power Roll since its initial investment. Maven shares our vision for the future of the business, and we are grateful for this further investment. Our mission is to revolutionise solar energy powering a global rooftop solar revolution from here in County Durham. 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.”
Cllr James Rowlandson, Portfolio holder for resources, investment and assets at Durham County Council, said: “Durham County Council is proud to support Power Roll through our Finance Durham Fund. With this additional investment, we are confident that Power Roll will continue to thrive in County Durham and contribute to the global transition towards net zero. 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. We are excited to see the positive impact this investment will have on both the local economy and the environment.”
Ends
Editors notes
For media enquiries or any questions about the investment, please contact:
Maven Capital Partners
Emma Neal
0191 731 8596
emma.neal@mavencp.com
Sapience Communications (PR to Maven)
Richard Morgan Evans
077 5108 7291
rmorganevans@sapiencecomms.co.uk
Power Roll
For media enquiries for Neil Spann, please contact:
Karen Boud
Resonates (PR to Power Roll)
01635 898698
07720 846928
The North East Fund
Nicky Dawson
Senior PR Account Manager
T: 0191 261 4250
M: 07393 212515
nickyd@gardiner-richardson.com
Kristen Watson
PR Account Executive
T: 0191 261 4250
M: 07718 065696
kristenw@gardiner-richardson.com
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £500 million in British businesses since 2009.
Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
About Business Durham
Business Durham is the business support service of Durham County Council which works as part of the Council’s wider Regeneration Economy and Growth Directorate to deliver an attractive environment for business and economic growth.
It is a knowledgeable and trusted guide which connects businesses with the right funding, advice, and networks they need to grow and thrive.
Business Durham works closely with partners to encourage an enterprise culture, helping entrepreneurs to turn bright ideas into successful reality and students to develop enterprise skills to become our future business leaders.
The organisation manages a portfolio of business property and excels in finding the right space for businesses to grow – commercial office space, modern laboratories and industrial property units.
Business Durham attracts capital and inward investment to the county, and develops an innovative economy that enables companies to grow and flourish.
Business Durham builds long-term relationships to foster sustainable growth in businesses, raising economic aspirations and making Durham a place where business is done.
About The North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm
About Power Roll
https://powerroll.solar/
Power Roll, headquartered in Sunderland, has developed a unique, flexible, lightweight solar film. When produced at scale, the film is ultra-low cost to manufacture, uses widely available materials and technology commonly deployed in other low-cost sectors like food packaging, printing and holograms. Power Roll’s microgroove film is suitable for non-load-bearing rooftops, building integration, transport, portable applications and off-grid projects.
Power Roll's pilot manufacturing facility is located in Jade Business Park which is owned/managed by Durham County Council.
