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.
‘Individuals and smaller companies are often lost for want of a little investment to see whether a product will work and whether there is a market for it. Now these companies can take the next step forward and hopefully see their dreams become a reality.’
Other examples of successful applicants from across the region include GFS Projects of Peterborough, Cambridgeshire, which received a grant to develop an unmanned flying vehicle; and Probe Scientific of Bedford, which has developed a needleless blood-sampling device.