Nordic Power Converters' development of a very small power supply with improved performance and longer service life than traditional power supplies has been honoured with the EIT Venture Award.
The award was presented in Budapest, Hungary, on 7 May by the independent EU body for innovation and entrepreneurship: "The European Institute of Innovation and Technology" (EIT) - see more about EIT Venture Award.
New innovation paths
In connection with the award ceremony, Martin Kern, EIT Interim Director, said: “This year’s EIT prize winners are excellent examples of how you can transform good ideas into new convincing solutions for Europe. The winners have shown us new ways to be innovative.”
With the EIT Venture Award comes:
- an increased European-wide promotion and the use of the “EIT Venture Award Winner” label in their profiling and/or marketing activities;
- a tailor-made support package for their further business development.
Nordic Power Converters is a spin-out company from the Electronics Group based on a technological breakthrough in former student (and now PhD student) Mickey P. Madsen’s MSc project: enabling the switching frequency of resonant power converters to increase 1 000 times without the circuits failing. In short, NPC has found a way to produce a Formula 1 engine using standard components.
Mickey P. Madsen is now co-founder and CEO of Nordic Power Converters. The breakthrough makes it possible to replace large bulky power supplies with smaller, better, less energy-consuming, long-lasting power supplies. Initially, the company is focusing on power supplies for LED bulbs. In 2020, nine billion units worldwide are expected to have an integrated power supply.
NPC have had EIT Community support in form of working with the Climate-KIC’s Nordic Colocation Centre and especially, Jakob Steen Jensen, Entrepreneurship Lead. The support Nordic Power Converters have received has enabled them to meet customers and investors, as well as formulate, test and adapt their business plan.
Earlier this year, Nordic Power Converters was presented with the Danish Industry Foundation’s 2014 Entrepreneur Award after winning the inaugural Danish Tech Challenge hardware competition. Read about their victory.
See all nominees for EIT Awards 2015.