REG - Time To ACT PLC - GreenSpur Secures ca. £613,000 Award

Johnson MattheyAnnouncement

26/06/2024 08:15

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RNS Number : 7935T  Time To ACT PLC  26 June 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

26 June 2024

Time To ACT plc

 

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

GreenSpur Secures ca. £613,000 Award from The BEETHOVEN Project

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 received an award of €705,000 (circa £613,000) from
the BEETHOVEN Project, an initiative for the sustainable development of
advanced magnetic materials for energy solutions. The award, which will be
spread over four years, provides GreenSpur with income which will be used to
support the development of a fully characterised, high powered Rare Earth-free
magnet for use in several industrial applications.

 

GreenSpur, an intellectual property creator and generator designer, has
developed a leading design for a Permanent Magnet Generator for wind turbines
which uses neither Rare Earth Elements ("REEs") nor copper coils. This makes
GreenSpur's technology highly suitable as an ideal application for new types
of magnet being developed under the BEETHOVEN Project and the natural partner
for all new magnets suitable for use in the wind industry.

 

In the initial stages of the BEETHOVEN Project, GreenSpur will focus on
characterising a new magnetic material which will confirm the specifications
of the Rare Earth-free and Rare Earth-lean magnets that will be developed by
project partners.  GreenSpur will then continue to support the other
consortium partners in the development of this new material into a new magnet
for use in a GreenSpur 3-5kW demonstrator wind turbine generator. Several
other consortium partners concurrently intend to develop the new material into
magnets for use in adjacent industries such as high-speed electric vehicles
and flywheels.

 

GreenSpur's generator design is a huge step forward in reducing the use of
REEs in renewable energy applications and has the potential to revolutionise
the sector by making it less reliant on unstable supply chains for critical
minerals.

 

The BEETHOVEN Project

The BEETHOVEN Project has a total budget of €7.5 million from the European
Union's Horizon Europe grant funding programme and is being deployed across
parallel technological developments uniting 14 partners across 10 European
countries to pioneer the sustainable development of advanced magnetic
materials for energy solutions that will help reduce the reliance on REEs.
This broad collaboration leverages cutting-edge research to develop novel
permanent magnets as a substitute for REE magnets and seeks to enhance
renewable energy technologies while securing a resilient supply chain.

 

The main goal of the BEETHOVEN Project is to develop innovative and
sustainable advanced magnetic materials that substitute REEs in the energy and
transportation sectors. The BEETHOVEN Project is focused on developing and
upscaling three types of magnet - high-entropy alloys, ferrite-based
composites and W-type ferrites - that could be deployed at large scale in
applications requiring the use of permanent magnets.

 

The successful implementation of the BEETHOVEN Project is expected to help
reduce Europe's REE magnet imports by an estimated 2,200-4,900 tons by 2033
and create a more resilient, autonomous and industrially competitive Europe.

Chris Heminway, Executive Chairman of Time To ACT plc commented: "I am
thrilled that GreenSpur has been named a member of the BEETHOVEN consortium.
The award  underscores the commercial relevance of GreenSpur's technology and
provides revenues that will help accelerate development efforts and bring our
cutting-edge solution a step closer to full-scale commercialisation.

"Our involvement in the BEETHOVEN Project is also important in how it provides
GreenSpur with access to an invaluable network of expertise and resources
across 10 countries striving to solve the Rare Earth problem. This aligns
perfectly with Time To ACT's broader industry objective of creating a more
resilient and sustainable supply chain for the renewable energy sector."

Adrian Quesada, BEETHOVEN Project Lead added: "The BEETHOVEN Project unites
over a dozen partners across Europe to pioneer sustainable energy solutions by
reducing reliance on Rare Earth materials. This broad collaboration leverages
cutting-edge research to enhance renewable energy technologies and secure a
resilient supply chain. GreenSpur's development of a REE-free permanent magnet
generator is a critical contribution, demonstrating the practical application
of our collective innovations."

**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, Isabelle Morris         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

 

About the BEETHOVEN Project

The BEETHOVEN project is a European Union-funded initiative that brings
together leading organisations from across industries to develop and promote
technologies that reduce the dependency on Rare Earth elements. By fostering
collaboration and innovation, the BEETHOVEN project aims to enhance the
sustainability and resilience of the renewable energy sector.

 

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