Scientist and professor of photonics and interfaces at the École Polytechnique Fédérale de Lausanne in Switzerland, Michael Graetzel, won the Millennium Technology Prize of $1.07 million for his dye-sensitized solar cells, also known as "Graetzel cells."

These new dye-sensitized solar cells are low in cost, and can work on a broad scale. Graetzel cells do not require a large setup to manufacture, they should be considerably less expensive than solid-state cell designs in bulk, they're mechanically robust and can be engineered into flexible sheets. They also require no protection from minor elements such as tree strikes or hail.

"The constraint of solar energy has traditionally been its price. Graetzel cells provide a more affordable way of harnessing solar energy," said Ainomaija Haarla, president of the Technology Academy of Finland. "Graetzel's innovation is likely to have an important role in low-cost, large scale solutions for renewable energy."

In addition, the Finnish academy notes that "finding ways to replace the Earth's diminishing fossil fuel supply was one of mankind's greatest challenges," and that the sun would be "the most obvious energy source."

Graetzel cells are expected to be a "significant contributor to the future energy technologies," and Finland hopes the Helisinki-based Millennium Technologies Prize will both further renewable energy research and someday become as recognized and esteemed as the Nobel Prizesawarded in Norway and Sweden.

The Millennium Technologies Prize is awarded every two years for a "specific and groundbreaking innovation that has a favorable impact on the quality of life and human wellbeing." The first winner was Tim Berners-Lee in 2004 for his invention of the World Wide Web. Graetzel is the fourth winner of the biannual prize. 

Runner ups who won 150,000-euro prizes were Cambridge University Professor Richard Friend for his new organic semiconductor components, and University of Manchester Computer Engineering Professor Stephen Furber for his design of the ARM 32 bit RISC microprocessor, which is found in 98 percent of the world's mobile phones.

Chairman of the academy's board Stig Gustavson said that "all three inventions benefit mankind as broadly as possible, both today and in the future." The Millennium Technology Prize is awarded by the Technology Academy of Finland and is funded by the Finnish industry and state.