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Pavegen partners to bring down cost of manufacturing

May 28, 2019 / Smart Cities World
SHARESHARESHARE

Engineering and manufacturing conglomerate, Hinduja Group, has partnered with UK energy and data from footsteps firm Pavegen to help support its growth and expansion into key markets. The group 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 investment is the cornerstone of a new crowdfunding campaign on Crowdcube that aims to raise £5m to allow for a higher volume of units to be produced and sold at reduced cost. Pavegen, which converts the kinetic energy of footfall into off-grid power and data, is seeking to bring its technology to more cities across Asia, North America and the Middle East.
The funding round follows a series of milestones for Pavegen. 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...