GreenTech start-up backed by two of UK's richest people
A British start-up which has created a way to generate electricity from footsteps has gained investment from two of the ‘wealthiest people in the UK’.
Cambridge-based Pavegen will now raise up to £5m in a crowdfunding campaign, supported by the Hinduja brothers who last year topped the Sunday Times rich list.
Their conglomerate Hinduja Group will work closely with the start-up to reduce the cost of manufacturing of its tech and provide access to Indian and South East Asia markets.
The start-up’s floor tiles generate power by converting footsteps into electricity via an electromagnetic induction process.
They can be can be installed indoors and outdoors and generate up to 5 watts of electrical power per step.
Pavegen already has an impressive list of clients which includes Adidas, Intel, Google, Heathrow, and TFL.
Last year it also began work with Siemens to develop smart city projects, and the tech giant is now connecting Pavegen’s smart tile walkways to its own system.
“We’re helping people to change the world for the better, through the power of a footstep,” said Laurence Kemball-Cook, CEO of Pavegen and one of BusinessCloud’s ‘35 Under 35’.
“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.”
Shom Hinduja, president of alternative energy and sustainability initiatives at Hinduja Group added: “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.”