Award for energy idea

Joule Corporation, based in Beaumont,

Essex, recently received a regional grant to help the company develop a potential new power supply.

Assessors at the East of England Development Agency (EEDA) were impressed with Joule Corporation’s idea, which helped secure the company - and 49 other entrepreneurial individuals and companies - a share of a £1.3m proof of concept fund.

The fund helps individuals and businesses test the market for their ideas and some of the recipients are already making headway in proving the commercial viability of their products.

Philip Small, of Joule Corporation, said: “The Portable Electric Power Supply (PEPS) is a device which has the potential to act as a mechanically frictionless motor and/or power source.

‘Since the PEPS is magnetically based, it can be used where the application of a magnetic refrigeration pump is required, such as air-conditioning units.’

Mark Aspinall, head of enterprise and innovation at EEDA, said: ‘This is just one of the companies to be given proof of concept funding which will enable them to test the commercial viability of their innovative idea. Altogether 50 companies across the region have been successful in receiving grants of between £5,000 and £40,000.