Maven continues to support the enhancement of ESG credentials to help deliver responsible and sustainable growth in its portfolio companies.
Maven Capital Partners has led a £1 million funding round in Power Roll, a developer of ultra-low-cost and lightweight flexible solar film for renewable energy generation, as part of its continued commitment to, and investment in the North East.
Power Roll opened its solar film pilot manufacturing facility in County Durham last year, which is the first facility in the world to produce low-cost, lightweight, flexible solar film using Power Roll’s patented micro-groove technology. The business is now producing first generation solar film from the new pilot plant.
Power Roll’s unique solar film is capable of producing ultra-low-cost green electricity that is significantly cheaper to make than existing flexible solar photovoltaic (PV) technologies. The film is suitable for non-load-bearing rooftops, building integration, transport, portable applications, and offgrid projects.
Maven’s transaction will enable the business to embark on a programme of growth to continue its intensive product development pathway, allowing for the production of its innovative solar film to be commercialised on a global scale.
Solar is expected to be the fastest-growing energy sub-segment by the end of the year, with the global solar energy market expected to exceed $220 billion this year.
Michael Dickens, Investment Manager at Maven, said: “We originally invested in Power Roll in 2020 and have been pleased to witness the number of development, technical and commercial milestones the company has achieved over the last three years, with its disruptive solar film technology. Neil leads a highly professional team with the right knowledge and scientific experience to drive the business forward and commercialise the technology. With green energy more important than ever, Power Roll looks set to drive innovation and produce next-generation solar solutions to assist with the transition to net zero.”
Neil Spann, Managing Director, Power Roll, said: “We are delighted by the support that Michael and Maven have provided to Power Roll since its initial investment. Maven share our vision for the future of the business and we are grateful for this further investment. Our mission is to revolutionise solar energy powering a global rooftop solar revolution from here in County Durham. The need for low-cost clean energy has never been greater and our solar film has the potential to generate solar energy from the billions of square meters of rooftops where the heavy and rigid silicon panels manufactured in China cannot be deployed.”
Cllr James Rowlandson, Portfolio holder for resources, investment and assets at Durham County Council, said: “Durham County Council is proud to support Power Roll through our Finance Durham Fund. With this additional investment, we are confident that Power Roll will continue to thrive in County Durham and contribute to the global transition towards net zero. The innovative solar film technology developed by Power Roll has the potential to revolutionise the solar energy industry, providing ultra-low-cost green electricity on a global scale. We are excited to see the positive impact this investment will have on both the local economy and the environment.
“Maven recognises the importance of ESG (Environment, Social and Governance) factors working with portfolio businesses to ensure ESG issues are carefully managed throughout the period of investment, with close engagement for each company in relation to corporate governance practices and support for the management team in developing policies on the environment, community engagement, HR and employee relations, corporate governance and responsible product marketing.
Maven looks to invest responsibly, including backing businesses that are making a real impact on addressing environmental, social and governance issues facing society today.
Last year we backed, iPac Packaging Innovations, a North East business that manufactures sustainable thermoformed packaging, primarily used in the food and pharmaceutical sectors, that uses 90% recycled materials in its products and is investing in alternatives to fossil-based polymers.
The business has strong ESG credentials, working with customers to produce innovative, reliable and eco-responsible plastic packaging which meets key sustainability requirements. At least 90% of the plastic used in iPac’s processes is recycled and all of their products are 100% recyclable. iPac also supports global plastic waste prevention, developing a range of packaging products that uses plastics salvaged from the ocean.
Maven also backed the UK’s largest shower manufacturing plant, Roman Showers, a local business that manufactures, sells and installs shower screens, trays, bathroom furniture and fixtures and fittings. They support an impressive range of international hotel groups, architects and designers, including Berkeley Homes, Taylor Wimpey, Keepmoat, Miller, IHG hotels and Hilton.
Roman has developed a number of ESG policies including forming a Joint Venture in Malaysia to ensure all the aluminium and brass it uses in its product portfolio is 100% recyclable. 80% of the glass the company produces and sells is recyclable growing to 100% in the next two years and all Roman packaging is recyclable.
Michael Vassallo, Investment Director at Maven, commented: “Maven became a signatory to the internationally recognised Principles for Responsible Investment in June 2021 and is committed to including ESG factors in investment decision making and ownership as part of this initiative. We are also a signatory to the Investing in Women Code which aims to improve female entrepreneurs’ access to tools, resources and finance, supporting diversity and inclusion in access to finance. Supporting the enhancement of ESG credentials is a positive step change that helps deliver long term, responsible and sustainable growth in our portfolio companies.
“Maven is one of the UK’s most active private equity investors and is passionate about working with ambitious businesses to achieve their strategic goals and maximise growth potential. If your business, or the business you advise, is looking at private equity as a solution to fund future growth we would love to hear from you. Speak to one of our investment team by getting in touch at funding@mavencp.com
