A BRITISH start-up has raised an undisclosed sum from Indian conglomerate the Hinduja Group.
The company said that the Hinduja Group was its first institutional investor.
The UK firm- Pavegen, is developing floor tiles which can produce electricity from the pressure of human footsteps.
The British company aims to raise up to £5 million in a crowd-funding campaign which started today (28).
Special Pavegen tiles generate power through the electromagnetic induction process.
The tiles can be installed indoors and outdoors for power generation.
The clean, green technology firm brought in £1.8m in revenue in 2018 through installations in 36 countries.
Pavegen aims to utilise its relation with the Indian conglomerate to reduce its production cost and expand its business into South Asia, including India.
Pavegen chief executive Laurence Kemball-Cook said: “We’re helping people to change the world for the better, through the power of a footstep.
“Working with the Hinduja Group will help us to make our technology available to more communities around the world.”
Hinduja brothers owned Indian conglomerate employs over 150,000 people since its formation in 1914.
British citizens Srichand Hinduja, 83, and Gopichand Hinduja, 79, who are based in London, are two of the four brothers controlling the conglomerate.
Hinduja Group owns a wide range of businesses including automotive, financial services, oil and gas, media, telecom, and many others.
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