Wadi Makkah Ventures Company signs an initial investment agreement with Pavegen in its first round of investment (SERIES A) through Wadi Ventures
Wadi Makkah Ventures Company announced it is signing an initial investment agreement and entering as an investor in the startup Pavegen, in the first round of investment (SERIES A) joining several international investors.
Pavegen, a UK-based clean-tech company, specializes in the development and installation of kinetic walkways that convert footsteps into off-grid electricity and personalized data. Energy generated goes to power local applications, such as lighting, or to store in batteries for later use. Pavegen’s patented design uses triangular tiles, which creates a continuous articulated surface to avoid ‘dead zones’, allowing energy to be generated from every step. Low power Bluetooth beacons and sensors embedded beneath the tiles provide data collection and analysis (Big Data). Able to connect and transmit to smartphone devices to pedestrians and then to the company's servers to analyze the data.
Pavegen has implemented more than 200 projects in 36 countries worldwide, from America to Hong Kong and the United Arab Emirates to China. Including installations such as the 2012 Summer Olympics in London, an install in Abu Dhabi Airport, a public football pitch in Rio de Janeiro, Brazil, and a 4-city activation with Bank of the West across the American west-coast. One of the possible projects for Pavegen in the coming period is the implementation of their technology and its transfer to the Kingdom of Saudi Arabia through the NEOM project, and the two parties are currently working on providing ideas and studies necessary to implement the project.
Eng. Khaled Abdel-Ghani Suleimani, Chairman of the Board of Directors of Wadi Makkah Ventures Company and Chairman of the Investment Committee stated that the company has discussed with the Pavegen team studying the possibility of applying Pavegen technology and data collection in certain areas in the Holy Capital. To contribute to the process of providing clean energy and collecting the data needed to use it to facilitate crowd management, and other processes in the Holy Capital.
He added that the Wadi Makkah Ventures Company aims to invest in local and international startups that provide services and technologies to improve and develop the quality of the services in the Hajj and Umrah sector. To make Makkah a smart city and the Hajj and Umrah journey more convenient. Fulfilling this goal requires attracting international companies and investing in them and enabling them to enter the Saudi market to achieve the vision of the Kingdom of Saudi Arabia 2030 through supporting the local economy by attracting international investment to Saudi Arabia, exchanging experiences, and transferring knowledge to Saudi youth.
Laurence Kemball-Cook, CEO of Pavegen, said: "We are incredibly excited to work with Wadi Makkah Ventures Company, alongside Pavegen's major contracts recently closed in the local market, the support Wadi Makkah will provide us will be invaluable as we scale up operations in this region".