Search British Business Bank
Popular Search placeholder

NPIF II leads £4.3 million funding round for first deal in County Durham with Power Roll, a leading solar technology firm

Press release 16 October 2024

The Northern Powerhouse Investment Fund II (NPIF II) has completed its first investment in County Durham since the launch of the £660m fund in March this year.

Portrait of three of the team from Power Cell

Based in Murton, Power Roll, a pioneer in the solar energy transition, has raised £4.3 million in its most recent funding round, including £1.5 million from NPIF II – Maven Equity Finance, which is managed by Maven Capital Partners as part of the Northern Powerhouse Investment Fund II, £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. The remaining £1.3 million was secured via a number of private investors. 

As Power Roll gears up to fully commercialise its innovative solar product, the funding from investors, including NPIF II, will be used to accelerate the development of Power Roll’s fully operational pilot plant located in County Durham, enabling small scale manufacture of its proprietary solar products.

The business was founded in 2012 on the back of the invention of disruptive solar photovoltaic microgroove technology which revolutionises the way we harness power from the sun. The unique technology pushes the boundaries of solar energy, utilising low-cost film, free from rare earth materials, which is paving the way for a more sustainable future. Power Roll’s current pilot site is built on an old mine, converging the energy of the past, with the energy of the future.

It is opening the door to cultivate solar power in areas that have previously been unreachable, such as one in three commercial sector rooftops that can’t handle the weight of existing solar panels, equivalent to 12 billion square meters globally, as referenced in the UK Government’s ambition to ‘unlock a rooftop revolution’. The film-material provides a lightweight and flexible solution that can be used on rooftops and off grid spaces, replacing carbon emitting diesel generators.

With solar energy expected to be the world's largest source of power by 2050, providing 40% of the world's electricity, Power Roll is committed to transforming and reinventing renewable energy beyond the North East. It has plans to commercially license the manufacturing process internationally and bring the groundbreaking technology across the world, saving carbon and changing the future. 

Neil Spann, CEO of Power Roll, said: 

Power Roll is committed to transforming and reinventing renewable energy globally, enabling more commercial and industrials businesses to access energy through our lightweight flexible solar panel solutions. We have built the foundations for a very exciting future which will generate solar power without draining the Earth’s resources and meet the needs of an increasing demand for sustainable and eco-efficient energy sources.

We heard about the funding after previously receiving investment through British Business Bank’s Future Fund and having previously sought funding from Maven. Securing further investment from Maven and the Northern Powerhouse Investment Fund II will be an important catalyst for us to achieve the funding we need to really scale our current pilot operations and there’s been a clear feel that we all share a common goal to get this over the line.

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. We originally invested in Power Roll in 2020 and have worked alongside Neil and the management team as they achieved a number of development, technical and commercial milestones. We’re delighted to continue our support at such a pivotal point in the company’s growth journey. With green energy more important than ever, the need for low-cost clean energy has never been greater and Power Roll’s disruptive solar film technology looks to revolutionise solar energy and assist with the transition towards a more sustainable electrical generation system.

Sarah Newbould, Senior Manager at British Business Bank said: 

Power Roll is an ambitious and innovative business with a mission to transition to green energy and transform the future of our planet. The Northern Powerhouse Investment Fund II is committed to supporting technology-enabled, ESG focussed businesses like Power Roll to access the finance they need to achieve their ambitions across the North and beyond.

Cllr James Rowlandson, Cabinet member for resources, investment and assets at Durham County Council said:

As part of our ongoing efforts to support sustainable development in County Durham, we are delighted to continue backing Power Roll through the Finance Durham Fund. This investment strengthens our commitment to driving innovation and creating lasting economic growth in the region. Power Roll’s groundbreaking solar technology not only places County Durham at the heart of renewable energy advancements but also highlights our dedication to fostering forward-thinking businesses that make a global impact.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.

Notes to editors

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding.  NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.

For investment by NRIL at the sub-fund level

  • The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.

For investment by NPIF II sub-fund at the investee company level

  • The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom. 

Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)

Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)

Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East) 

Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages northernpowerhouseinvestment fund.co.uk.

About Power Roll

Power Roll, headquartered near Seaham, County Durham, is a leading technology disrupter in the flexible PV market that has developed an innovative, lightweight solar power film for commercial and industrial buildings. In the UK, one third of commercial rooftops cannot handle the weight of traditional solar panels; this is the equivalent to 12 billion square meters globally. Power Roll’s microgroove film provides a lightweight and flexible solution which is suitable for low-load bearing rooftops, building integration, transport, portable applications, off-grid projects and IoT sensors. With solar energy expected to be the world’s largest source of power by 2050, providing 40% of the world’s electricity, flexible PV can unlock £250bn of an untapped market for commercial and industrial rooftops.To date, Power Roll has proven the technology and manufacturing process, 23 patent families with over 100 individual patented rights and established blue chip manufacturing partners, suppliers and potential customers.

powerroll.solar 

About Maven Capital Partners UK LLP

Maven Capital Partners UK LLP (Maven) is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active investors in smaller companies in the UK.

Headquartered in Glasgow, and with offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has over £640 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.

mavencp.com 

About Business Durham

Business Durham is the business support service of Durham County Council which works as part of the Councils 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.

businessdurham.co.uk

Quick links

Latest news