Andrew Ritchie, the inventor of the folding Brompton bicycle, has received the Prince Philip Designers Prize, as reported by the BBC.
The award - set up in 1959 to encourage entrepreneurship - was collected at Buckingham Palace from the Duke of Edinburgh.
Ritchie created the model 30 years ago, believing he could improve on rival designs. Ritchie said that he is still tweaking the design and thanked his early financial backers for their support.
Ritchie added that he is currently aiming to shave weight off the bike, but that ensuring the bike remained easy to manufacture at Brompton's west London factory was just as important.
"Getting the design right, getting the ergonomics right is one of the key things for me."
Brompton recently revealed that it was aiming to grow sales in the US.