UL spin-off company Powervation claims coveted Innovation award in Silicon Valley
published on Apr 15th, 2009
University of Limerick spin off company Powervation Ltd claimed the top award at the prestigious annual Irish Technology Leadership Group (ITLG)/Irish Times awards held in Silicon Valley, California on 14 April 2009.
Powervation Ltd claimed the 2009 Innovation Award thanks to the company's exciting new technology development as well as its potential for significant commercial success on the global technology stage. The award was presented to Antoin Russell of Powervation by An Tánaiste Mary Coughlan, T.D. who was a guest speaker at the award ceremony in Silicon Valley hosted by ITLG, a group of senior Irish-American technology executives committed to strengthening the developmental ties between Silicon Valley and Ireland. Among those present was Brian Fitzgerald, Vice President of Research at UL.
Founded in 2006 Powervation is a digital energy control company, which provides a control mechanism for the power supply to microprocessors, with a main focus on computing, networking and telecommunications equipment. The core technology, which was originally developed at the Circuits and Systems Research Centre at the University of Limerick, enables companies to improve energy efficiency of their information processing equipment by up to 10%.
In 2007 the company secured €10million in venture capital funding and opened a new office in Palo Alto in Silicon Valley to expand its sales and marketing presence in the United States.
UL President Professor Don Barry congratulated the Powervation team on this significant award and reiterated the importance of the commercialisation of research coming out of Irish Universities.
"Powervation Ltd's success in these prestigious Silicon Valley awards is a wonderful achievement by this tremendously exciting company with a great future indeed. We extend our absolute congratulations to them on pledge our continued support as they continue their progress here and internationally."
"The award is also, in no small way, recognition for University of Limerick's excellence in the area of research. We have world class research being generated on our University campuses across Ireland and the success of Powervation Ltd is a prime example of this. Third-level research, and especially that which can be commercialised, is highly valuable in today's economic climate. More innovation, discovery and response to commercial and industry needs means more employment opportunities for our graduates and increased growth in Ireland's Knowledge Economy," said Professor Barry.
Commenting on the award, chief executive officer, Antoin Russell credited his team of digital power experts for the speedy development of a truly transformative technology for computing, consumer and netcomm applications. "We're delighted to be recognized as innovators by the ITLG and very proud to receive this elite award. We have created a differentiated power-control solution that delivers strong technical and economic advantages to manufacturers of complex electronics products and their customers. We salute our fellow Award finalists and are honored to be ranked among such innovative companies by the ITLG."