Pavegen raises GBP 2.6m on Crowdcube

Pavegen, the UK company converting footsteps into electricity and data, on Tuesday completed a crowdfunding campaign through which it raised GBP 2.6 million (USD 3.3m/EUR 2.9m), in addition to investments from Hinduja Group and Tamar Capital.

The crowdfunding campaign on Crowdcube targeted GBP 950,000. It has been overfunded with 1,923 investors participating, according to information on Crowdcube. The company said previously it would use the new capital to increase its production volumes while reducing the cost of manufacturing and to bring its product to more locations in Asia, North America, and the Middle East.

Pavegen has so far completed projects in 36 countries, including at smart city developments, retail destinations, transport hubs, and educational institutions in Hong Kong, India, Korea, Thailand, the UAE, the UK, and the US. In 2018 it booked revenues of GBP 1.78 million.

(GBP 1 = USD 1.27/EUR 1.12)

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