HELSINKI, Sept. 4 (Xinhua) — The Millennium Technology Prize, awarded biennially by Finland, has honored Bantval Jayant Baliga with a 1-million-euro (1.11 million U.S. dollars) prize for the professor’s groundbreaking semiconductor technology.

The Technology Academy Finland (TAF) announced that Baliga was recognized for his invention that has significantly reduced global electrical energy and petrol consumption.

Baliga’s work in the invention, development, and commercialization of the Insulated Gate Bipolar Transistor (IGBT) earned him this accolade. Developed in the 1980s, the IGBT has been pivotal in improving energy efficiency and reducing pollution for the past 40 years. It is widely used in wind and solar power installations, as well as in electric and hybrid vehicles.

Born in India in 1948, Baliga is currently a professor of energy at North Carolina State University in the United States.

Since 2004, the one-million-euro Millennium Technology Prize has been awarded every two years by Technology Academy Finland, an independent foundation supported by Finnish industries, academic institutions, and the state. The prize honors individuals and groups who have made significant contributions to science and technology, particularly those that improve everyday life.