Revolutionary power supply unit wins DKK 500,000

Tuesday 03 Feb 15

Spin-out from DTU

Nordic Power Converters was founded in 2014 by Regnar Paaske and Mickey Madsen, PhD, as a spin-out from DTU, but the technology itself is built on years of research and development at DTU Electrical Engineering.

Danish Tech Challenge

Danish Tech Challenge (DTC) is a unique acceleration process intended specifically for hardware entrepreneurs, i.e. people working to develop new physical products. DTC has been developed and is run by Scion DTU science park, while the Danish Industry Foundation has provided DKK 2.9 million in financing. The objective of DTC is to boost the number of industry-related growth entrepreneurs in Denmark.

During the period 1 September–31 December 2014, the 22 companies participating in DTC were given office space at the science park, along with access to sparring and consultancy from some of Denmark’s leading experts in the field of product and business development.

Nordic Power Converters—a spin-out from DTU—was presented with the Danish Industry Foundation’s 2014 Entrepreneur Award after winning the inaugural Danish Tech Challenge hardware competition. The prize was presented by HRH Crown Prince Frederik of Denmark at an awards gala in Copenhagen.

Following an intense four-month acceleration process and a great deal of hard work, the team behind Nordic Power Converters raised their arms in victory and accepted both a trophy and a cheque for DKK 500,000 as winners of the first ever Danish Tech Challenge.

The prize—the Danish Industry Foundation’s 2014 Entrepreneur Award—was presented by HRH Crown Prince Frederik at an awards gala in Copenhagen.

In a closely fought final involving five other promising start-ups, Nordic Power Converters took top spot with its trail-blazing power supply unit that sets new standards—in an international context, too—for size and service life.

Faster to market
“It’s fantastic that they chose us. It gives us the motivation to keep on getting up at five in the morning and hammering away at our project. The award and the DKK 500,000 will allow us to accelerate our entire plan by three or four months, so we can make it to the market even faster,” says Regnar Paaske, co-founder of Nordic Power Converters.

Danish Tech Challenge has been developed and is run by Scion DTU science park in collaboration with the Danish Industry Foundation, which financed the project to the tune of DKK 2.9 million.

Danish Industry Foundation Entrepreneur Award to continue
Mads Lebech, CEO of the Danish Industry Foundation, relates:

“Danish Tech Challenge has generated many of the things we had hoped for when we joined the project. The companies have shown remarkable commitment, and most of them have taken huge strides in relation to generating growth going forward. We believe that there is still call for an acceleration process intended specifically for hardware enterprises and the particular challenges they face. On the basis of the good experience from this year’s event, we have therefore decided to continue our involvement in Danish Tech Challenge. Specifically, this means that we will be presenting the Danish Industry Foundation’s Entrepreneur Award for the coming three years.”

For additional information, contact: Jesper Bernstorf Jensen, PR & Communications Consultant, Scion DTU, jbj@sciondtu.dk

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