North East company wins prestigious award
9 July 2013
The IOP Innovation Awards are a unique celebration of commercial success built on physics. Five transformative physics-based products received an Institute of Physics (IOP) Innovation Award yesterday, Monday 8 July.
Tracerco Ltd, based in Billingham, received their Innovation Award for the development of a leading gamma-radiation based tool for pipe measurement in the oil and gas industry.
The new measuring system, novel due to its ability to account for the build-up of residue in pipes, has led to considerable efficiency savings for the companies using the product. Tracerco Ltd has earned itself a global reputation for successful innovation in the process.
They join Coherent Scotland Ltd (based in Glasgow), Zephir Ltd (Ledbury, Herefordshire), Elekta Ltd (Crawley in West Sussex) and Simpleware Ltd (Exeter) in winning awards this year.
Professor Sir Peter Knight, President of the Institute of Physics, said, “Many congratulations to all of these companies for successfully applying physics to meet some of the biggest challenges of our age and generating significant wealth for themselves, their employees and the regions they work in.
“It’s very pleasing to see these innovations coming from companies from many parts of the UK, generating wealth in parts of the country that have been hit hardest by the economic downturn. Physics really does transform lives.”
For full citations, see http://www.iop.org/activity/business/innovation/2013-winners/page_60481.html.
All five winning companies will be showcasing their achievements on 6 November in the Houses of Parliament.
To find out more about how physics is driving economic growth across the UK, including a regional breakdown, see the Importance of Physics to Economic Growth - https://www.iop.org/publications/iop/2013/file_60318.pdf