$50bn Indian giant backs Pavegen’s £5m crowd raise
$50 billion Indian engineering and manufacturing conglomerate Hinduja Group has formed a partnership with Cambridge CleanTech business Pavegen and is investing in a £5 million crowdfunding bid by the UK startup.
Pavegen’s technology harvests energy and data from people’s footsteps and has excited in global trials.
Hinduja will be working closely with Pavegen’s Allia Future Business Centre team to reduce the cost of manufacturing and provide access to fast-growing markets in India and South East Asia.
Hinduja is also supporting a £5m raise by Pavegen on Crowdcube – launched today – to support its rapid growth and expansion into key markets.
Pavegen, which converts the kinetic energy of footfall into off-grid power and data, seeks the cash principally to allow for a higher volume of units to be produced and sold at a reduced cost, while also enabling the team to bring its technology to more cities across Asia, North America and the Middle East.
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 and the US.
In 2018, Pavegen also signed a Memorandum of Understanding with global engineering and technology giant, Siemens, to jointly develop smart city projects. Siemens, 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 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 per cent.
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.”
Laurence Kemball-Cook, CEO of Pavegen, added: “We’re helping people to change the world for the better, through the power of a footstep. Our product isn’t hidden away on roofs or offshore somewhere - people can physically participate in a smarter, more sustainable future.
“Working with the Hinduja Group will help us to make our technology available to more communities around the world.”