Every so often something comes along to remind us precisely why crowdfunding is such a brilliant concept. The latest case to point is Pavegen, a technology that uses the power of human footsteps to generate clean, renewable energy through specially designed kinetic floor tiles.
Launched in 2009 by founder and CEO Laurence Kemball-Cook, the company has now completed 100 projects in over 30 countries . Closer to home, Pavegen’s technology has been used to power lighting at Heathrow Airport, Canary Wharf and in Harrods – all areas which experience exceptionally heavy footfall on a daily basis. Furthermore, Pavegen’s tiles can also gather real time data for analytics which may open up a whole new world of commercial possibilities for the future.
Sir George Iacobescu, the CEO and chairman of Canary Wharf Group, was quoted as saying: “Pavegen is one of the greatest ideas which needs to be implemented by more companies within the public space”.
“I think it could shape the future of renewable energy generation, with an enormous scope for helping the Canary Wharf district achieve sustainability through lighting, HVAC (heating, ventilation and air conditioning) and endless applications” [The Western Morning News, May. Edition 26].
Judging by comments like that, Pavegen has already been identified as a young business with the potential to grow. However, in order to fulfil its potential, the company’s management recently realised that it would need more development capital. As a result, they set out to raise £750,000 with the help of Crowdcube for 4.48 per cent of the equity, placing a market valuation on the company of around £16.75 million.
Pavegen and its technology have already attracted media interest and, at the time of writing, have exceeded their target and gone into overfunding with over £900,000 raised.
It is perhaps fitting that the Crowdfunding market has been called upon to finance a company whose invention is powered by the crowd. But more important than that, it is testimony to the vital role played by crowdfunding and evidence of the market’s growing capacity. So hats off to Pavegen and to Crowdcube.
Please note that investments in small private companies are generally considered high risk due to such factors as illiquidity, and the long term nature of the investment. Investors may lose all capital invested. Please refer to our risk warning and disclaimers here for further details. Parties affiliated with Business Agent have invested in Pavegen. No recommendation is provided. This article is for information only and may not be relied upon.
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