Time To ACT PLC - GreenSpur Secures Design Contract
Announcement provided by
Time To ACT Plc · TTA05/09/2024 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of
Time To ACT plc / AQSE: TTA / Market: Aquis Stock Exchange Growth Market
5 September 2024
Time To ACT plc
("Time To ACT" or the "Company")
GreenSpur Secures Design Contract for Optimised Wind Turbine Generator for US Vertical Axis Wind Turbine Industry
Time To ACT plc (AQSE: TTA), an engineering-led group focused on technology for the energy transition supply chain, is pleased to announce that its GreenSpur business has won a design contract to develop an optimised wind turbine generator for XFlow Energy ("XFlow").
Based in
GreenSpur's Rare Earth-free generator technology is uniquely suited to meet the distinct demands of VAWT technology, and helps overcome design and performance challenges that have previously limited broader adoption. With the VAWT industry gaining traction, GreenSpur's technology helps position it at the forefront of this transition, driven by a strong belief that VAWTs will become a significant part of the global wind energy mix.
This contract represents an exciting development for GreenSpur, reflecting years of dedicated development and innovation. The design work under this contract will leverage GreenSpur's cutting-edge, Rare Earth-free generator technology to create a bespoke solution tailored for low-level turbulent wind experienced by VAWTs.
Upon successful completion of the design contract, the two parties expect to enter a prototype and manufacturing contract which will move GreenSpur's Technology Readiness Level ("TRL") to
The Company believes that this progress will further solidify GreenSpur's position as a leader in innovative wind energy solutions and contribute to the broader adoption of sustainable technologies. It also believes that GreenSpur's relationship with XFlow has the potential to act as a pathway into the nascent floating VAWT market.
The contracted design work will commence immediately and Time To ACT will provide further updates as the project progresses.
Chris Heminway, Executive Chairman of Time To ACT plc, commented:
"I am delighted that GreenSpur has won this important design contract, which really underscores the growing relevance of our capabilities in the renewable energy sector. The importance of the contract is less about its current size and more about its ability to help progress GreenSpur's technology up the TRL ladder and in its potential to open a pathway into the floating VAWT market."
**ENDS**
For more information, please visit www.timetoactplc.com or contact the following:
Time To ACT plc Chris Heminway, Executive Chairman Gary Wallace, Chief Financial Officer |
Tel: +44 (0) 1642 967138 Email: crh@timetoactplc.com Email: gw@timetoactplc.com |
Novum Securities Limited, AQSE Corporate Advisor David Coffman, Daniel Harris, George Duxberry
|
Tel: +44 20 7399 9400
|
Oberon Capital, Corporate Broker Nick Lovering, Adam Pollock, Mike Seabrook |
Tel: +44 203 179 5300
|
St Brides Partners Ltd, Financial PR Ana Ribeiro, Paul Dulieu
|
Tel: 020 7236 1177 |
About Time To ACT plc
Time To ACT plc is an engineering-led group focused on technology for the energy transition supply chain. It currently has two principal operating businesses: Diffusion Alloys and GreenSpur. As the parent company of the Group, Time To ACT provides strategic and operational support to the operating companies and capital to enable their growth.
About GreenSpur
GreenSpur is an intellectual property creator and generator designer that has developed a credible solution for renewable energy applications to the Rare Earth magnet problem.
Magnets constructed using Rare Earth Elements (REEs) are fundamental components in electrical generators and electric vehicle motors which are critical to delivering the clean energy transition. However, there are substantial supply chain constraints and risks in the sourcing of REEs that are needed for these magnets.
GreenSpur's generator design eliminates the need for Rare Earth magnets and copper coils without any loss in electrical performance.
About Diffusion Alloys
Diffusion Alloys supplies diffusion coatings. A diffusion coating is an intermetallic layer that protects metal components from degradation at high temperatures and in highly corrosive environments, such as those found in hydrogen and nuclear energy generation.
Diffusion Alloys has joined forces with Johnson Matthey plc, the market leaders in synthesis gas ("syngas") with a significant pipeline of Blue Hydrogen projects, to scale-up production and address the increasing demand for low carbon hydrogen used to reduce global carbon emissions.
In addition to working for numerous historic and existing customers, the Directors believe that Diffusion Alloys is the only credible diffusion coater in the world for blue hydrogen components, has already been coating in volume for a leading European vendor in the green hydrogen space and is also in pre-commercial discussions with new cleantech equipment manufacturers
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