Stroud Business Wins £40,000 Climate Change Innovation Prize
2010-02-03 14:29:07
A Stroud based business with an innovative idea for tackling climate change last night won an award of £40,000 from Shell Springboard, a programme designed to promote the growth of the low carbon economy in the UK.
HiMag Solutions Ltd received the financial boost for its Planar Transformer which is more efficient, smaller and lighter than conventional transformers. Planar transformers are used to tailor the voltage and current of electrical equipment and typically operate at 99% electrical efficiency, compared to 85% for a conventional transformer. They are also a fifth of the size of standard transformers and between five and ten times lighter, making them ideal for the new generation of electric cars that are about to hit the market.
The Shell Springboard programme, which has awarded over £1.3 million to 35 UK small businesses since it launched in 2005, this year celebrates its fifth anniversary. The programme encourages a positive business response to the challenge of climate change by providing a no-strings financial boost to ideas for innovative products and services that could help reduce greenhouse gas emissions.
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Dean Curran, HiMag Solutions Ltd & trophy |
Dean Curran, Director of HiMag Solutions, said: “We really believe our product can make a difference in the fight against climate change and it’s incredibly rewarding that such a well established programme as Shell Springboard has also recognised its potential. The funding and recognition we received tonight will allow us to press ahead with our ambitions for planar transformers and improving the efficiency of low carbon power electronics.”
More and more green entrepreneurs are looking for a financial boost to take their business ideas to the next level, with research conducted by Vivid Economics for Shell Springboard indicating that the low carbon energy market could be worth £2,000 billion by 2030.
Nimai Swaroop, Marketing Manager of Lubricants UK and Nordics, Shell, said: “Over the last five years, Shell Springboard has given £1.3 million to thirty small businesses like Himag Solutions with innovative ideas for tackling climate change. It’s fantastic to see the UK’s entrepreneurs continue to respond to the challenge of climate change, regardless of the economic climate and we wish Dean Curran and his team every success in moving forwards.”
HiMag Solutions competed against eight other businesses from across the UK on 2nd February 2010 in Manchester and will now compete to be named as the overall UK winner in London on the 2nd March.
Aeristech Ltd from Birmingham and Global Energy Systems Ltd from Blackpool also received awards of £40,000 each.