GreenSpur Secures Design Contract

Time To ACT PLC

05 September 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

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 Seattle, USA, XFlow is an innovator in the renewable energy sector, specialising in the design of an innovative vertical-axis wind turbine ("VAWT"). Their flagship 25 kW VAWT has been engineered to reduce the cost of wind energy generation while maintaining high efficiency and structural integrity.

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 TRL8/9. TRL is an internationally recognised method for measuring the maturity of technological development, with a TRL8/9 indicating that a technology is "system complete and qualified/proven in operational environment".

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: [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	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

 

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