UK start-up Pavegen, which uses energy capture technology powered by people’s footsteps whilst tracking usage data, has managed to raise more than double it’s £950,000 target, raising over £2,6 million in funding to drive international expansion and development.
The funding drive attracted investment from over 1,400 investors, including anchor investment and partnership with India’s Tamar Capital, and Hinduja group. Hinduja intendas using the technology to reduce manufacturing costs, and provide access to the South-East Asian region.
Pavegen has expanded interests to 36 countries worldwide, and generated over £1,8 million in revenues in 2018.
Installations to date have included transport hubs, smart city developments, retail destinatinations and education institutions in the US, UK, Korea, India, Hong Kong, Thailand, and the UAE.
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-Footfall harvesting technology exhibitions demonstrate pedestrian-generated power
The company also signed a 2018 memorandum of understanding with global giant Siemens for smart city co-development projects.
Pavegen’s footfall-capture technology is matched data harvesting, creating an ecosystem that benefits the location, utilities or independent power producers, and ultimately, the source of generation – the customer, with rewards systems for steps taken on Pavegen walkways.
The company says its first retail centre deployment at The Mercury shopping centre in East London has increased 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. With the support of Hinduja Group, Siemens and Tamar Capital, our plan of making our technology ubiquitous for all cities becomes achievable.”
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.”