Masato Sagawa's neodymium-iron-boron magnet has become central to our modern way of living.
The QEPrize has traditionally been a biennial award but has now become an annual event. It's been called the "Nobel for engineering" and the recipient gets a cheque for £500,000, along with a trophy that is presented by the Queen or her representative."This is the biggest prize that I have received so far," he told BBC News.
This is important in motor cars, for example, where conditions can get very hot, especially in an engine compartment. But many everyday items within easy reach will very probably have Nd-Fe-B magnets inside them - from mobile phones and electric power tools to jewellery clasps and door latches. It's impossible to laud the achievements of Dr Sagawa without also mentioning Dr John Croat. The American independently arrived at the same material solution at the same time when working with General Motors. And Sagawa and Croat will actually share the Institute of Electrical and Electronics Engineers' 2022 Medal for Environmental and Safety Technologies.
"You can have a great idea on paper but to be successful you have to prove you can make something at scale, and at a price that people will get behind," Lord Browne told BBC News.
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