LONDON, June 25, 2019 /PRNewswire/ -- Pavegen, the
award-winning energy and data from footsteps firm will today
conclude its raise on Crowdcube at midnight, having doubled its
initial £950k target. 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.
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."
To invest:
www.crowdcube.com/pavegen (Capital at Risk)
About Pavegen
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.
For press enquiries please contact:
Alex Johnson, Head of
Communications: alex@pavegen.com
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SOURCE Pavegen