Investment house raises £3m for ‘one of the UK’s most exciting technology companies’
Venture capital firm Acceleris Capital has supported a £3m fundraising to support the growth of “one of the UK’s most exciting technology companies”.
Power Roll has developed a lightweight flexible film for energy generation and storage. The solar film can produce green electricity that is up to 20 times cheaper to make than existing flexible photovoltaic (PV).
Equity investors in the round include Indigo 7 Ventures (i7v), Kero Development Partners, RAB Capital and the Acceleris Ventures syndicate. The investment is in addition to a £2.8m funding round completed last year.
Patrick Molyneux, corporate finance director at Wigan-based Acceleris said: “Power Roll is one of the UK’s most exciting technology companies and fits in with our sustainable investment thesis that targets companies looking to address global opportunities in the energy transition.
“We are very pleased with the investment syndicate that has been brought together for this pivotal funding round and are looking forward to the company going from strength to strength.”
Power Roll also converted £1.25m loans into equity as part of the Government’s Future Fund scheme, which was launched to support UK firms through the coronavirus pandemic.