A university start-up, which has developed a flooring system that generates electric energy from footsteps, has secured all its target finance during its latest funding initiative, including a major investment from a specialist investment fund.
Pavegen Systems, founded in 2009 by an engineering graduate of Loughborough University, rapidly won all the backing it needed with Renaissance Capital Partners acting as lead investor, during a well-attended investor event held last month (August) in London. Amoo Venture Capital Advisory served as lead financial advisors to Pavegen Systems.
The hotly-tipped alternative renewable energy firm, which has won a slew of accolades including the ‘Big Idea’ category at the 2011 Observer Ethical Awards, has developed an off-grid technology which converts the kinetic energy of footfall into electricity to be stored in batteries, or used to power applications such as lighting and signage.
CEO Laurence Kemball-Cook, 25, who developed the clean technology and founded the company said,“This funding comes at a crucial time as we scale-up production and work with our corporate partners to supply their sites with the capacity to generate green energy and communicate their commitment to the environment.”
Mark Randall, Managing Director, Renaissance Capital Partners said, “We’re really excited to be assisting Pavegen as they capitalise on the huge commercial opportunity they have created for themselves with their unique technology. The brand is a great fit with our existing portfolio of high growth SMEs and is a compelling example of the innovative and entrepreneurial talent we focus on supporting right here in the UK.” “We are very excited by and have only seen the tip of the iceberg with respect to Pavegen’s potential”, said Nzube Ufodike, Managing Director of Amoo Venture Capital Advisory. Nzube added that, “The team’s visionary leadership and perseverance will continue to serve them well as Pavegen efficiently deploy the capital raised and take advantage of new opportunities presented to them daily that are in line with their long-term corporate strategy.”
Although only a young company, Pavegen has already won a contract for an installation at Westfield’s new headline Olympic site in Stratford City – the largest urban shopping centre in Europe. Pavegen is a key element in helping the site to achieve its strict targets for environmental sustainability.
And in December, Simon Langton School, in Canterbury, installed the energy-harvesting floor tiles in one of its busiest corridors.
As well as the recent Observer award, the hotly-tipped company was a finalist at the 2011 Brit Insurance Design Awards and recently received gongs from bodies including the Technology Strategy Board, the Chartered Institute of Builders,the London Science Museum, and Loughborough University.
Pavegen CEO, Kemball-Cook, is keen to exploit his patented technology on roads and is working on a prototype system that will harvest the kinetic energy from lorries and cars on motorways and in cities to power street furniture such as lighting and LED information boards.
The young entrepreneur will be speaking at the Guardian Cleantech Summit in November, alongside key industry experts including Ernst and Young and Energy Minister Greg Barker.
High-res images and interviews available upon request.
For any press enquiries please contact:
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Note to Editors:
Full list of awards: http://www.pavegen.com/awards.php
Link to Videos of Pavegen in action: http://www.youtube.com/user/Pavegen
Pavegen Demonstrations: http://www.youtube.com/watch?v=5WeiVkhla5Q&feature=related