Friday, 12 April 2019

Katronic Nominated for Innovation Award

Katronic will be presenting our latest product development at "IQ Innovationspreis Mitteldeutschland", an Innovation Cluster Prize

The event which translates as the IQ Innovation Award Central Germany is an annual regional competition for the Saxony, Saxony-Anhalt and Thuringia regions. It is intended to promote innovative marketable products, processes and services in five different categories. Innovation applications are  submitted for the clusters of Automotive, Chemistry/Plastics, Energy/ Environment/Solar Economy, Information Technology and Life Sciences. Once all the entries are received, an independent jury, divided into two committees, evaluates all applications according to economic and technical criteria. The expert panel, which consists of highly qualified members from Central German industry and science, examines the technical aspects, whereas three auditing companies (Deloitte, Ernst & Young, KPMG) assess the potential profitability of the innovation.

Katronic initially submitted its application in the Cluster Energy/Environment/Solar Economy category along with 24 other competitors. The company has subsequently been selected to present our proposal face to face at the "Cluster Elevator Pitch", which will take place on April 17, 2019. This process is the penultimate stage of the evaluation process indicating that Katronic has already been successful in making it through into the shortlisted group of only six companies who will compete for the cluster prize.

Each member of the final group must present their ideas and highlight the possible commercial benefits in a short presentation. Particular attention will be paid to the degree of innovation of the invention compared to any similar offering presently in the market. In addition, all aspects of the potential economic benefit and marketability of the novelty will be considered. The two best candidates from each cluster will then be selected for the final round of the finalist prize, which will take place in May.

The proposal and presentation from Katronic centres on its new product development of a non-invasive flowmeter for gases. The company’s participation in the competition also coincides with the commercial launch of the new device which is being marketed as the KATflow 180. For Katronic, this new development is a significant achievement and expands the exisiting product range of liquid clamp-on flowmeters into the entirely new realm of the measurement of gases. The new method has the potential to revolutionise the market as it not only provides gas measurements at high pressure but also at atmospheric conditions, even in steel pipes. This unique ability sets Katronic apart from other companies as presently there are no products in the market capable of doing this.

At the completion of the final round of evaluation prizes totalling 70,000 Euros will be awarded to the successful companies. The overall winner will receive 15,000 Euros, the cluster prizes are endowed with 7,500 Euros each. All prize winners will also be provided with press and marketing services, including the production of a film highlighting the innovation. We are very grateful to have reached this stage of the nomination process and look forward to hopefully progressing further in the competition.