Russian President Vladimir Putin will honor 2013 laureates of the Global Energy Prize (GEP) during a ceremony taking place as part of the St. Petersburg International Economic Forum, according to a news release. Japanese Deputy Minister of Foreign Affairs Masadzi Kotsuyama is also scheduled to attend the ceremony honouring the 2013 GEP laureates.

The prize comes with a total US $1.2 million endowment to help laureate honourees fund future research projects split between the GEP laureates. It is the largest energy research grant of its kind in the world, the release said.

This year’s laureates Akira Yoshino, of Japan, and Vladimir Fortov, of Russia, will receive the money prize and official recognition June 21 at a ceremony.

Yoshino’s ground-breaking work in the development of the lithium-ion rechargeable battery has been critical to the operation of mobile electronic devices, electric vehicles and hybrid electric vehicles, according to the release. Yoshino is a fellow at the Asahi Kasei Corp. and is president of the Lithium Ion Battery Technology and Evaluation Centre in Japan.

The work of Fortov in thermodynamics and electronic properties of fluids and construction materials has played an important role in a variety of high density plasma applications, the release said. A physicist by training, Fortov was just recently elected head of the celebrated Russian Academy of Sciences.

The Global Energy Prize, now in its 11th year, is awarded annually to the most accomplished minds in the energy research world for their work and contributions to helping address the world’s various and most pressing energy challenges, according to the release. The prize, given by International Award Committee, has been awarded to 29 honorees since its 2002 inception.

In addition, the 2013 winner of the Energy of Words, an annual international media award established in 2004 by the Global Energy non-profit partnership, will be officially announced during the St. Petersburg International Economic Forum. This year’s award will go to a journalist from a major European-based publication, the release said.