Pavegen Systems, a clean tech business founded by a Loughborough
University graduate has closed its first external funding round,
with investment from partners including Renaissance Capital
Partners and a syndicate from London Business Angels.
Pavegen Systems, founded in 2009 by Laurence Kemball-Cook, an
industrial design graduate of Loughborough University, has
developed an off-grid technology which converts the kinetic energy
from footsteps into electricity to be stored in batteries, or used
to power applications such as lighting and signage. Pavegen has
already won a contract for an installation at Westfield's new
headline Olympic site in Stratford City - to be the largest urban
shopping centre in Europe, and has won a string of awards including
the 'Big Idea' category at the 2011 Observer Ethical Awards. The
Company plans to exploit this patented technology on roads and is
working on a prototype system that will harvest the energy from
lorries and cars on motorways and in cities to power street
furniture such as lighting and LED information boards.
"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 renewable energy and communicate their
commitment to the environment," said Pavegen's CEO Laurence
Kemball-Cook. He continues, "It wasn't long ago that I was
learning all about Business angels in enterprise lectures at
Loughborough University and I'm delighted that we have closed such
a significant deal."
Business is flourishing for Pavegen Systems. With a
manufacturing site in Newhaven and an imminent move to expanded
offices in central London, the company seeks an experienced Chief
Operating Officer to join its eight-strong team.
Kemball-Cook's business idea was supported in its infancy
through Loughborough Student and Graduate Enterprise at
Loughborough and he was presented with a Graduate Enterprise Award
last year. Student Enterprise Manager, Marina Pickles said: "129
business ventures were launched by our students and graduates in
2009/2010. Pavegen is a shining example of graduate enterprise. I'm
delighted that Laurence has achieved so much and that he continues
to inspire current students by giving presentations in our Design
School."