VC firm backs greentech investment
VC firm Acceleris Capital is part of a £2.8m investment in an energy tech business.
Power Roll develops ultra-low-cost and lightweight flexible film for energy generation and storage and has raised the funding to commercialise its solar film and capacitor technologies.
The investment comprises £2.0m of equity and £0.8m of convertible loans as part of the Future Fund scheme set up by the UK Government.
Maven Capital Partners, Green Angel Syndicate, Greenwood Way, and NorthInvest have invested alongside Acceleris Capital.
Patrick Molyneux, corporate finance director at Acceleris Capital said: “Covid-19 has highlighted the need to focus on the green economy and reducing the costs of renewable energy. We believe Power Roll is very well placed to address this global need.
“Power Roll is an ideal example of our investment thesis to back disruptive technologies that can provide social as well as financial returns.”
The Sunderland-based business simplifies manufacturing by eliminating process steps that other solar photovoltaic (PV) technologies require, and uses high speed roll-to-roll production processes.
Power Roll managing director Neil Spann said: “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-load-bearing rooftops, building integration, transport, off-grid and even powering Internet of Things