REG - Time To ACT PLC - GreenSpur Secures Design Contract

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05/09/2024 08:15

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RNS Number : 9262C  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
(https://en.wikipedia.org/wiki/Technology_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
(http://www.timetoactplc.com/) or contact the following:

 

 Time To ACT plc                                    Tel: +44 (0) 1642 967138

 Chris Heminway, Executive Chairman                Email: crh@timetoactplc.com (mailto:crh@timetoactplc.com)

 Gary Wallace, Chief Financial Officer             Email: gw@timetoactplc.com (mailto:gw@timetoactplc.com)
 Novum Securities Limited, AQSE Corporate Advisor  Tel: +44 20 7399 9400

 David Coffman, Daniel Harris, George Duxberry

 Oberon Capital, Corporate Broker                  Tel: +44 203 179 5300

 Nick Lovering, Adam Pollock, Mike Seabrook
 St Brides Partners Ltd, Financial PR              Tel: 020 7236 1177

 Ana Ribeiro, Paul Dulieu                          Email: timetoact@stbridespartners.co.uk

                                                 (mailto:timetoact@stbridespartners.co.uk)

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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