Corporate Update and Board Change

Time To ACT PLC

22 August 2024

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Time To ACT plc / AQSE: TTA / Market: Aquis  Stock Exchange Growth Market

22 August 2024

Time To ACT plc

("Time To ACT" or the "Company")

Corporate Update and Board Change

Time To ACT plc (AQSE: TTA), an engineering-led group focused on technology for the energy transition supply chain, is pleased to announce that it has launched a new strategic initiative designed to improve customer focus and enhance the penetration of new customer verticals.  The initiative sees the separation of Diffusion Alloys, its principal trading business, into two distinct focus lines; Diffusion Alloys Coating Technology and Diffusion Alloys Coating Services.

Diffusion Alloys Coating Technology ("Coating Technology")

Coating Technology represents the business' strategic focus on selling technical excellence in coating capability supported by the concept of "flexible capacity".  Flexible capacity is the business' ability to provide customers with capacity wherever they need that capacity to be, whether for the coating of large parts or for small parts, and includes the opportunity provided by Diffusion Alloys'  proprietary new low-cost modular coating equipment which is currently under development.

Coating Technology will include asset-light technology licensing, coating powder sales and technical consulting revenues and will grasp the opportunity coming from a strengthened customer dialogue in all end-market verticals.  

Diffusion Alloys Coating Services ("Coating Services")

Coating Services is the new name for the Diffusion Alloys plant-led coatings business centred on its Middlesbrough site.

Board Change

The Company additionally announces that Lisa Randall has resigned as a non-executive director of the Company with immediate effect.  She remains in her current role of Managing Director of Diffusion Alloys (UK) Limited. The Company has identified a new non-executive director, and a further announcement is expected in the near future.

Chris Heminway, Executive Chairman of Time To ACT plc commented:  "The evolution of Diffusion Alloys from its old model of "a coatings plant supported by a technical team" into its new model of a "technical coatings capability supported by a plant" is an important and exciting development for the Company. We believe that this will facilitate the growth in Diffusion Alloys' sustainable annual revenues through improved customer focus.

"I would like to thank Lisa for her recent contribution to Time to ACT , in particular her efforts in relocating Diffusion Alloys from its former Hatfield location to Middlesbrough and  in the negotiation and subsequent implementation of the Johnson Matthey supply-chain partnership." 

**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: [phone]  Email: [e-mail]   Email: [e-mail]
Novum Securities Limited, AQSE Corporate Advisor David Coffman, Daniel Harris, George Duxberry	Tel: [phone]
Oberon Capital, Corporate Broker Nick Lovering, Adam Pollock, Mike Seabrook	Tel: [phone]
St Brides Partners Ltd, Financial PR Ana Ribeiro, Paul Dulieu, Isabelle Morris	Tel: [phone] Email: [e-mail]

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

 

END