Power Roll, the leading technology disrupter in the flexible PV market, with its innovative, lightweight solar power film for commercial and industrial buildings, has signed a Memorandum of Understanding (MOU) with Amcor (NYSE: AMCR) (ASX:AMC), the global leader in responsible packaging solutions.
Power Roll and Amcor’s collaboration will be focused on advancing solar-powered energy by developing a lightweight solar photovoltaic film that aims to deliver a low-cost alternative to silicon solar panels.
The company has a clear focus on capitalising on growing market opportunities, focusing on the commercialisation of its solar PV microgroove technology, which is not reliant on rare earth minerals and can be manufactured using roll-to-roll processes.
According to the International Energy Agency’s global outlook report, solar energy is expected to be the world’s largest source of power by 2050, providing 40% of the world’s electricity, creating an opportunity for flexible photovoltaic systems to unlock $250 billion of an untapped market for commercial and industrial rooftops.
Partnership
Amcor has a proven track record of collaborating with start-up businesses, supporting their growth by leveraging knowledge from its own research and development teams, and exploring opportunities for joint ventures. Amcor considers technical film applications as one of its future growth opportunities in sustainability and the partnership will provide Power Roll with valuable expertise, and help accelerate their growth and innovation.
Amcor is already active in the solar photovoltaic market, utilizing its advanced barrier technologies and roll-to-roll manufacturing processes. Through this collaboration, Amcor aims to strengthen its presence in this rapidly growing sector, further exploring opportunities to produce and market components for photovoltaic film solutions.
Combining Power Roll’s ability to create the next generation of solar PV modules with Amcor’s century long experience of developing flexible packaging will maximise the prospect of harnessing solar energy all over the world. Alongside the Amcor team, Power Roll’s technology can reach new levels of effectiveness and revolutionise the global solar energy industry.
Frank Lehmann, vice president of Corporate Venturing and Open Innovation at Amcor spoke on the partnership: “The innovative solar film technology developed by Power Roll has the potential to revolutionize the solar energy industry, providing ultra-low-cost green electricity on a global scale. Through its partnership with Amcor, we are confident that Power Roll will continue to contribute significantly to the global transition towards net zero.”
Neil Spann, Chief Executive of Power Roll, said: “We are delighted by the support we have received from Amcor, which will allow us to accelerate our growth and expand our impact. With one in three commercial rooftops unable to handle the weight of traditional solar panels, equivalent to 12 billion m² globally, our mission is to lead a global rooftop solar revolution, starting here in County Durham, UK. The need for low-cost clean energy has never been greater and Power Roll offers a solution by leveraging these underutilised rooftops where conventional heavy and rigid silicon panels cannot be deployed as well as many other applications.”
Power Roll and Amcor will hold further discussions on final terms and arrangements for Power Roll’s ongoing funding round, which will be subject to respective internal approvals.
For further information, please contact:
Neil Spann, Chief Executive of Power Roll
Via Camarco
Ginny Pulbrook, Andrew Turner, Rosie Driscoll at Camarco
+44 (0) 20 7526 3600
Power Roll, headquartered near Seaham, County Durham, is a leading technology disrupter in the flexible PV market that has developed an innovative, lightweight solar power film for commercial and industrial buildings. In the UK, one third of commercial rooftops cannot handle the weight of traditional solar panels; this is the equivalent to 12 billion square meters globally. Power Roll’s microgroove film provides a lightweight and flexible solution which is suitable for low-load bearing rooftops, building integration, transport, portable applications, off-grid projects and more. With solar energy expected to be the world’s largest source of power by 2050, providing 40% of the world’s electricity, flexible PV can unlock £250bn of an untapped market for commercial and industrial rooftops. To date, Power Roll has proven the technology and manufacturing process, 24 patent families with over 120 individual patented rights and established blue chip manufacturing partners, suppliers and potential customers.
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