The Nobel Prize in Chemistry (Swedish: Nobelpriset i kemi) is awarded once a year by the Royal Swedish Academy of Sciences. It is one of the five Nobel Prizes established by the will of Alfred Nobel in 1895, awarded for outstanding contributions in physics, chemistry, literature, peace, and physiology or medicine since 1901. This award is administered by the Nobel Foundation and widely regarded as the most prestigious award that a scientist in the various fields of chemistry can receive. The first Nobel Prize in Chemistry was awarded in 1901 to Jacobus Henricus van 't Hoff, of the Netherlands, "for his discovery of the laws of chemical dynamics and osmotic pressure in solutions." The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. In 2007 the Nobel Prize in Chemistry was awarded to Gerhard Ertl (of Germany) "for his studies of chemical processes on solid surfaces"; he was awarded the prize amount of 10,000,000 SEK (slightly more than €1 million, or US$1.4 million).