Northern Powerhouse Investment Fund II (NPIF II), a £600 million fund launched in March this year, has completed its first investment in County Durham, funding solar technology company Power Roll.
Through the NPIF II, Maven Equity Finance, part of the investment fund managed by Maven Capital Partners, invested £1.5 million. This came along with £750,000 from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham, and £750,000 from the North East Development Capital Fund, supported by the European Regional Development Fund. A further £1.3 million was secured through multiple private investors.
The cash injection will enable Power Roll to commercialize its proprietary solar technology, accelerating the development of the company’s operational pilot plant in County Durham where the products are manufactured.
Power Roll has developed an ultra-cheap and lightweight flexible solar film that can be used for both generation and storage. Dr. John Topping invented microgroove technology in 2011 and founded Big Solar Limited to commercialize it in 2012.
The company was renamed Power Roll in 2018 and the following year obtained its first commercial license by signing a joint venture with Deki Electronics.
The material provides a lightweight, flexible solution that can be used on roofs and off-grid spaces, meaning it can be installed on roofs that would otherwise not be able to support the weight of a solar installation. In 2021, after a successful funding round, Power Roll CEO Neil Spann explained the new technology to Solar Power Portal: “In a 20cm² sample we connected 8,000 individual solar cells to 500 individual modules, which is completely unique.”
Power Roll plans to commercially license the production process internationally so that the technology can be applied worldwide.
Speaking about the NPIF II-led funding, Spann said: “Power Roll is committed to transforming and reinventing renewable energy globally, giving more commercial and industrial companies access to energy through our lightweight, flexible solar panel solutions.”
Power Roll has previously received funding from the British Business Bank’s Future Fund and from Maven. The British private equity firm has been investing in Power Roll since 2020 through the regional funds it manages.
Dr. Michael Dickens, investment manager at Maven Equity Finance, said: “Securing investment is about much more than just the finances. It’s about finding a long-term business partner who is as committed to the business as the management team.”
Shortly after it came to power, the The Labor government has established a National Wealth Fund which brings together the UK Infrastructure Bank and the British Business Bank to facilitate investment in green economies.
The NPIF II, overseen by the British Business Bank, covers the whole of Northern England, providing loans from £25,000 to £2 million and equity investments of up to £5 million, with the aim of driving sustainable economic growth.
According to Sarah Newbould, senior manager at British Business Bank: “The Northern Powerhouse Investment Fund II is committed to supporting technology-enabled, ESG-focused companies like Power Roll to access the financing they need to realize their ambitions. the north and beyond. ”
