Energy and data from footsteps pioneers Pavegen to close Crowdcube funding round in 12-hours, having doubled target and closed major contracts in Asia and the US.
With partner Siemens + anchor investment from Hinduja Group and Tamar Capital, Pavegen’s plan to reduce the cost of manufacturing and expand sales operation is on track
Weds 10 June, London – Pavegen, the award-winning energy and data from footsteps firm concluded its raise on Crowdcube at midnight on Weds 26 June, having more than doubled its initial target and now exceeding £2.4m. The campaign has secured funds from over 1400 investors, including partnership and anchor investment from major global engineering conglomerate Hinduja Group and family investment firm Tamar Capital.
The Hinduja Group, whose Co-Chairmen topped the UK 2019 Rich List, will be working closely with Pavegen’s team to reduce the cost of manufacturing and provide access to fast-growing markets in India and South East Asia.
The funding round follows a series of significant milestones for Pavegen. Serving 36 countries worldwide, the company generated £1.8m revenue in 2018, with installations including smart city developments, retail destinations, transport hubs and education institutions in Hong Kong, India, Korea, Thailand, UAE, UK & USA.
The technology was developed by Pavegen CEO Laurence Kemball-Cook, a 2009 Industrial Design and Technology graduate of Loughborough University who recognized the potential for harvesting energy from footsteps, following a placement at energy company E.ON.
In 2018, Pavegen also signed a Memorandum of Understanding with global engineering and technology giant, Siemens, to develop smart city projects together. The multinational, which employs 370,000 people, is now connecting Pavegen walkways to its cloud-based operating system, allowing control and monitoring of its sites from any connected device.
Pavegen, which converts the kinetic energy of footsteps into electricity and data, has since developed a digital ecosystem which connects to people’s smartphones, rewarding them for steps on Pavegen walkways. Its first shopping centre deployment at The Mercury mall in East London has raised engagement with the site by 15%.
Laurence Kemball-Cook, CEO of Pavegen, said: “We believe in placing people at the heart of the smart city. That’s why crowdfunding works so well for us and it’s been great to welcome so many investors into our community. With the support of Hinduja Group, Siemens and Tamar Capital, our plan of making our technology ubiquitous for all cities becomes achievable.”
Hrag Sarkissian, Founding Partner, Tamar Capital, said: “We hold significant interests in several sectors such as sustainability, health, education, manufacturing, FMCG, and Real Estate. Pavegen is very relevant when it comes to Smart cities, from a power and a data play. As cost comes down, large scale deployments could really change the game.”
Shom Hinduja, President of Alternative Energy and Sustainability Initiatives at Hinduja Group said: “It’s an exciting time for Pavegen with new projects in airports, retail sites and smart city developments in Asia, the Middle East and North America. We believe the Hinduja team will be able to play a key role in enabling the Pavegen team to rapidly bring their ambitious vision to life.”
For press enquiries please contact:
Alex Johnson, Head of Communications: +44 (0) 7765 253 231, + 44 (0) 2033 977 279
www.crowdcube.com/pavegen (Capital at Risk)
Pavegen is the global leader in harvesting energy and data from footfall. Our patented technology connects people to sustainability and smart cities, creating powerful experiences which convert footsteps into off-grid energy, rich data and rewards. Pavegen supplies both permanent installations and experiential activations and we power off-grid applications such as games, lighting, and environmental monitoring.
With embedded Low-Power Bluetooth connectivity, we can register the footsteps of individuals via our apps. When we combine this real-time footfall data with analytics, we create powerful insights into the behaviours of people interacting with our systems.
Founded in 2009 by Laurence Kemball-Cook, Pavegen has delivered 200 projects in 36 countries, working with iconic brands including adidas, Coca-Cola, Heathrow Airport, Shell and Westfield. Our latest projects including working with Transport for London and New West End Company to create the world’s first smart street and partnering Google to create the world’s largest energy and data harvesting array in Berlin. Our latest model, the V3, won the 2017 Smart Cities Interactive Innovation award at South by Southwest and the 2018 UK PropTech award for social impact.