The £20m Finance Durham Fund continues to make a significant impact on business growth in County Durham, with the latest investment in Power Roll being a key example.

Since its inception the fund has injected £14.5m into 31 companies across 48 investment rounds, bolstering local enterprises. This funding has attracted an impressive £87m in additional investment from other sources, bringing the total deal value to over £100m.

Following on from two previous investments from Finance Durham, this strategic investment in Power Roll underscores the commitment to driving innovation and economic development in County Durham, utilising the Finance Durham Fund while supporting pioneering renewable energy solutions.

Based in Murton, Power Roll, a pioneer in solar energy transition, has raised £4.3m in its most recent funding round, including £750,000 from the Finance Durham Fund, £1.5m from Northern Powerhouse Investment Fund II – Maven Equity Finance, and £750,000 from the North East Development Capital Fund, supported by the European Regional Development Fund. The remaining £1.3m 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 Finance Durham, will be used to accelerate the development of the company’s fully operational pilot plant located in County Durham, enabling the 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. This unique technology pushes the boundaries of solar energy, utilising low-cost film free from rare earth materials and in the process 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 cultivating solar power in areas that have previously been unreachable. This includes 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.

Solar energy is expected to be the world’s largest power source by 2050, providing 40 per cent of the world’s electricity. Power Roll is committed to transforming and reinventing renewable energy beyond the North-East and has plans to commercially license the manufacturing process internationally, taking 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 industrial businesses to access energy through our lightweight, flexible solar panel solutions.

“We have built the foundations for a very exciting future that will generate solar power without draining the Earth’s resources and meets the needs of an increasing demand for sustainable and eco-efficient energy sources.”

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 regional economic growth.

“Power Roll’s groundbreaking solar technology places County Durham at the heart of renewable energy advancements and highlights our dedication to fostering forward-thinking businesses that make a global impact.”

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 have 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.”

The Finance Durham Fund is a £20m investment initiative from Durham County Council aimed at fostering business growth and creating thousands of jobs in the region.

Managed by Business Durham and administered by Maven Capital Partners, the fund offers flexible funding packages – including equity, debt or mezzanine options – ranging from £150,000 to £2m.

This investment is open to early-stage and established businesses across all sectors, provided they are based in or are relocating to County Durham at the time of the investment or loan. The fund is tailored to support a wide array of business finance needs, empowering local enterprises to scale and thrive.