Argex Titanium (TSX:RGX) has been awarded the ICIS 2014 Award for Best Innovation by a Small or Medium-Sized Enterprise for its method for producing titanium dioxide pigment. Argex’s production method has been found to be cheaper and more environmentally friendly than previously designed processes.

As quoted in the press release:

With this award, the ICIS judging panel of leading industry experts identifies companies which have made significant steps forward in technological and business innovation, with tangible results emerging during 2013 and the early part of 2014.

Argex has developed an advanced chemical process for the volume production of titanium dioxide for use in paint, plastics, cosmetics and other applications. The company’s unique technology turns relatively inexpensive and plentiful source material into high-grade TiO2 along with other valuable by-products. The Argex process provides a substantial cost and environmental advantage over legacy TiO2 production methods.

Argex CEO, Roy Bonnell, said:

This prestigious award honors the hard work and dedication of our research and development teams. It validates the disruptive nature of our technology and affirms the strong progress we’ve made over the last year to bring this valuable product to market in collaboration with some of the largest players in the industry.

Click here to read the Argex Titanium (TSX:RGX) press release