Harbottle & Lewis has advised fast growing start-up Pavegen, which has created patented floor tiles that turn footsteps into clean energy and data, on its £2.4 million investment round from Wealth Club and Wadi Makkah Ventures.
The money will be used to fuel the company’s growth. It is also hoped that Wadi Makkah’s involvement will increase its footprint in the GCC region with a focus on the Saudi market. Previous investors in the company include the conglomerate Hinduja Group and Tamar Capital.
To date, Pavegen has delivered projects for city developers, government bodies and blue-chip corporates in 36 countries, installing over 200 systems. These include installations in Yosemite National Park in California, Abu Dhabi airport and Chelsea Flower Show in London as well as the world’s first indoor exercise track that produces energy in Hong Kong. Every time a person steps on a Pavegen kinetic tech floor tile, clean electricity is created. Around 3 joules of energy are generated per footstep or up to 5 watts of power while someone is walking, which is enough to power applications such as environmental sensors, LED lighting and screens and for storage in batteries.
Tony Littner, Corporate Partner and Head of the firm’s Venture Capital Group commented: “Having acted for Pavegen since its first ever commercial units were produced, we were delighted to support them again on their latest funding round. I have always been fascinated by the concept of generating energy and data from something as simple and everyday as people’s footsteps and clearly the market and opportunities are potentially huge. I look forward to continuing to work with Laurence and his team as they embark on the next phase of their mission to make people powered cities across the globe.”
On working with Harbottle, Pavegen founder and CEO Laurence Kemball-Cook commented: “Working with Tony Littner and his team provides us the support we need to scale at key moments in the company’s growth. The value Tony and his team bring to the table is far beyond just their legal knowledge – it is their commercial insight and strategic advice that helps lead to a winning outcome for all parties involved.”