Acceleris advises on £2.9m deal for energy ‘disruptor’
Manchester funding firm Acceleris Capital has advised on the completion of a £2.9m facility for a North East energy specialist.
The funds were raised from a syndicate of existing shareholders and new high net worth individuals.
They will be used to take Power Roll’s energy storage technology to market and further develop its novel Solar and Nano-barrier technologies.
Sunderland-based Power Roll has developed technology that offers a manufacturing platform to develop paper thin, flexible power generation and energy storage devices.
The energy storage technology has the potential to disrupt the market and possesses a range of technology advantages, including significantly lower cost and size than existing devices and enhanced lifetime for certain applications.
This fundraise follows the production of the first ‘proof of concept’ capacitors and a successful initial manufacturing trial with an international partner company.
The funds will be utilised to take this product to the commercial market as a joint project with a major electronics manufacturer, to undertake a collaboration project with an international public organisation and to produce demonstration products for the solar pv generation technology.
Power Roll’s managing director, Neil Spann, said: “We are delighted to announce the completion of this fundraise at such an exciting time for our company.
“We believe our technologies could be disruptive and we are pleased that our existing investors and new investors have believed in our vision.
“We intend to deploy the funds to accelerate our technologies towards commercialisation.”
Simon Thorn, corporate finance director at Acceleris Capital, said: “Power Roll have developed an incredibly exciting suite of technologies that we are delighted to support.
“The company have assembled a world-class team to complement the potentially world-class products and we look forward to seeing the company take the next steps to commercialisation over the next phase and continuing to help the company to grow.”
Acceleris Capital launched in 2000, and has an expertise in arranging and managing investments by private individuals under the Enterprise Investment Scheme (EIS) and under the Seed Enterprise Investment Scheme, as well as taking a role in the company post investment.
To date it has arranged funds in excess of £100m into more than 50 companies through more than 100 transactions.