Sunderland tech firm Power Roll is to develop a market for its solar film in India after securing a deal with an energy firm.
Among its disruptive energy technologies, Power Roll has created an ultra-thin solar film which can generate and store electricity, producing green power up to 20 times more cheaply than traditional solar photovoltaic technologies.
At the start of the month the business – which has secured £5.8m of investment over two funding rounds – announced it is set to break into the Japanese market after securing a strategic partnership with one of the country’s leading energy companies.
Now the firm has announced an agreement with Thermax Group, a leading energy and environment solutions provider, to develop the market for solar film in India.
Power Roll views India as one of the most important strategic markets for its technology and has also set up a business operation in the country to support regional growth.
Neil Spann, CEO of Power Roll said: “We are especially excited about the potential for our solar film in India and delighted to be working with Thermax.
“Thermax has the right mix of renewable energy and manufacturing expertise, as well as the size and scale, to be a successful manufacturing partner in India.
“Our technology licensing model is perfectly aligned with the country’s ‘Make in India’ self-reliant strategy and world leading ambition to deploy 280 gigawatts of solar energy by 2030. This agreement with Thermax, which follows our recent partnership with one of Japan’s leading energy companies, opens up another significant new market for solar film.”
Ashish Bhandari, MD and CEO of Thermax, said: “We are happy to partner with Power Roll, a technology company introducing innovative green solutions. We look forward to this partnership as a lever to increase the adoption of solar technology for a variety of applications in line with India’s ambitious renewable energy targets.”
The agreement will see the companies collaborate to assess the market potential for scale manufacturing and deployment of Power Roll’s unique solar film in India.
The joint activity will include identifying applications for lightweight solar film and green energy solutions for the region.
Over the agreement period the parties will share knowledge on the low-cost production processes, efficiency and identify use cases for solar film in India. A successful conclusion to the agreement will see Thermax license Power Roll’s technology for commercial manufacture and sale of solar film in India.