The IOP accolade is awarded each year to a young business, chosen from across the UK and Ireland, that has originated the most outstanding business idea founded on a physics invention, with the potential for growth and significant impact.

Established in 2016 by engineering entrepreneur Jon Fenton, FeTu's simple but revolutionary device is a two-stage turbine designed to reduce both energy consumption and emissions by unprecedented levels, and on a worldwide scale. The innovative technology, which is currently being piloted in industry, has been developed with backing from Innovate UK and British universities and has applications in the energy market as well as across a range of other manufacturing sectors including aerospace and marine.

Mr Fenton said: "FeTu's technology has the potential to usher in a new greener era of efficiency in power generation, propulsion, heating and cooling applications by fundamentally disrupting how heat and power are connected.

"We are currently piloting the device with manufacturers but we believe that FeTu has the capacity to recover over 30% of low-grade waste heat, with a one-year return on investment. That's a tenfold improvement on the technology that's been developed up to now."

He added: "It is really fantastic to be recognised in this way by the Institute of Physics, which has such a long history of helping develop physics-based companies to support business innovation and growth."

IOP president, Jonathan Flint, said: "Our Business Awards recognise and reward the achievements of innovative physics-based businesses that have developed new technologies and that are at the cutting edge of the UK and Ireland's scientific research and development.

"Rarely has the need to recognise and encourage our scientists been more apparent. We must continue to encourage, reward and invest in our researchers, whose commitment, drive and imaginations help to keep us comfortable, healthy and safe."