Sunderland solar specialist to boost green energy plans with six-figure investment
A North East solar film developer has secured six-figure investment to boost its ongoing expansion.
Sunderland based, Power Roll has landed a £250k investment from Finance Durham Fund, which was established by Durham County Council and overseen by Business Durham.
Invented by the firm’s chief scientist Dr Alexander Topping, Power Roll’s solar film technology aims to produce ultra-low-cost green electricity.
The new investment, which is managed by Maven Capital, will support construction of a solar film pilot plant in County Durham.
Neil Spann, managing director of Power Roll, commented: “The success of our funding round and the quality of our investors reflects the global commercial potential for our technology. Our investors are excited about the new markets we can exploit and disrupt.
“There’s huge potential for solar and energy storage in a vast range of new applications including non-loadbearing rooftops, building integration, transport, off-grid and even powering Internet of Things sensors.”
Cllr Carl Marshall, Durham County Council’s cabinet member for economic regeneration, said: “The Finance Durham Fund exists to help businesses in our county to expand, safeguard jobs and create new and exciting opportunities for local people.
“By investing in Power Roll we can achieve this, while also helping to tackle climate change by enabling the creation of a solar film pilot plant here in County Durham.
“Reducing climate change is a key priority for us as a council and we are proud to support a business that is developing technology that will allow more people to access low cost green energy.”
Sarah Slaven, interim managing director at Business Durham added: “It’s great Power Roll has chosen to expand their business into County Durham. It is an excellent example of the kind of innovative and dynamic company Finance Durham was set up to help.
“We look forward to helping it develop its new manufacturing plant in the county. The investment will create new jobs in this exciting sector, supporting Business Durham’s strategy to deliver business and economic growth.”