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 firm Power Roll.
Through the NPIF II, Maven Equity Finance, a 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. Another £1.3 million was secured via multiple private investors.
The cash injection will enable Power Roll to commercialise its proprietary solar technology, accelerating the development of the company’s operational pilot plant in County Durham, where its products are manufactured.
Power Roll developed an ultra-low-cost and lightweight flexible solar film that can be used for both generation and storage. Dr John Topping invented the microgroove technology in 2011 and created Big Solar Limited to commercialise it in 2012.
The company was rebranded as Power Roll in 2018, and the following year, it secured its first commercial license, signing a joint venture with Deki Electronics.
The material provides a lightweight, flexible solution that can be used on rooftops and off-grid spaces, meaning it can be installed on rooftops that would otherwise be unable to support the weight of solar installation. In 2021, after a successful funding round, Neil Spann, CEO of Power Roll, explained the novel technology to Solar Power Portal: “In a 20cm2 sample, we have 8,000 individual solar cells connected into 500 separate modules, which is completely unique.”
Power Roll plans to commercially license the manufacturing process internationally to take the technology worldwide.
On the NPIF II-led funding, Spann said: “Power Roll is committed to transforming and reinventing renewable energy globally, enabling more commercial and industrial businesses to access 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 UK private equity firm has been investing in Power Roll through the regional funds it manages since 2020.
Dr Michael Dickens, investment manager at Maven Equity Finance, said: “Securing investment is about much more than just the finance. 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 Labour government established a National Wealth Fund that brings together the UK Infrastructure Bank and the British Business Bank to facilitate investment into green economies.
The NPIF II, overseen by the British Business Bank, covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million, aiming to drive 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 businesses like Power Roll to access the finance they need to achieve their ambitions across the North and beyond.”
