What features are necessary for a product to be key to the low-carbon revolution?
Acceleris Capital, a venture capital firm based in Wigan, has helped raise £3 million of funds to support the growth of Power Roll Limited. Acceleris believes that the renewable energy sector requires disruptive but low-cost solutions to ensure the mass scale of low carbon generation and storage. As an exciting UK technology company, Power Roll has developed a lightweight flexible solar film for energy generation and storage. The product is novel and provides a significant range of benefits, such as being up to twenty times cheaper than existing flexible photovoltaic (PV).
The investment is in addition to a £2.8 million funding round that took place in 2020. Kero Development Partners, 7 Ventures (i7v), RAB Capital and the Acceleris Ventures syndicate are the equity investors that participated in the current funding round.
Corporate Finance Director at Acceleris, Patrick Molyneux, said “[Power Roll] 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.”
Additionally, Power Roll benefited from part of the Government’s Future Fund Scheme, which was launched to support businesses through the Covid-19 pandemic. As a result, the business converted £1.25 million of loans into equity.
Picture – © Power Roll Limited