The end of the Crimean War in had unfortunate results for Immanuel Nobel and his family: the factory went bankrupt. The parents and their youngest son Emil returned home to Sweden; the three older boys stayed in St. Petersburg to see if they could get the business back on a sound footing. It was at this time that Alfred Nobel began to take an interest in nitroglycerine - an extremely explosive liquid invented by the Italian Ascanio Sobrero. Nobel saw that there was a lot of money to be made from industrial exploitation of the explosive, provided a safer way could be found of handling it.
In , after extensive experimentation, he came up with a promising blend of nitroglycerine and black powder, which he marketed as "blasting oil".
On it he obtained the first of a total of patents. It marked the first step on the road to what was to prove his greatest success: the invention of dynamite. Alfred Nobel patented the nitroglycerine-based explosive dynamite in In the following year, he received an honorary award from the Royal Swedish Academy of Sciences for "important inventions for the practical use of mankind".
He was extremely proud of that prize. After taxes and bequests to individuals, Nobel left 31,, Swedish kronor equivalent to million U. We strive for accuracy and fairness. If you see something that doesn't look right, contact us! Subscribe to the Biography newsletter to receive stories about the people who shaped our world and the stories that shaped their lives.
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Personal Finance. Your Practice. Popular Courses. Business Leaders Entrepreneurs. Table of Contents Expand. Who Was Alfred Nobel? Understanding Alfred Nobel. Alfred Nobel's Influences. The Bottom Line. Frequently Asked Questions. Key Takeaways Alfred Nobel created the Nobel Prize using the fortune he had built in the explosives business. Although he was a declared pacifist, many of Nobel's inventions helped make war more devastating. It is believed that the Nobel Prize was an attempt by Nobel to leave a better legacy in the world than having improved military weaponry through his ingenuity.
Alfred Nobel spoke several languages and lived and traveled around the world. Alfred Nobel is best known inventing dynamite and he patented the explosive nitroglycerin.
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Rambam Maimonides Medical Journal. Compare Accounts. In the s and s, Nobel built up a network of factories all over Europe to manufacture explosives. In , he bought an ironworks at Bofors in Sweden that became the nucleus of the well-known Bofors arms factory.
Although he lived in Paris, Nobel travelled widely. He continued to work in his laboratory, inventing a number of synthetic materials and by the time of his death he had registered patents.
In November , Nobel signed his will providing for the establishment of the Nobel Prizes. He set aside the bulk of his huge fortune to establish annual prizes in Physics, Chemistry, Physiology or Medicine, Literature and Peace.
An Economics Prize was added later.
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