GreenSpur Progress Update
10/12/2024 07:00
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RNS Number : 4098P Time To ACT PLC 10 December 2024
10 December 2024
Time To ACT plc
("Time To ACT", "the Company" or "the Group")
GreenSpur progress update in core multi-MW wind market
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 produced a preliminary 15MW generator design which
significantly outperforms the crucial industry benchmarks in terms of power
density and space envelope.The preliminary design, which is yet to be fully
optimised, was created at the separate requests of a world-leading generator
manufacturer and a wind-industry OEM, and is already around 30% lighter and
70-80% smaller than the global industry's best-in-class designs. The
GreenSpur technical team is confident that its optimisation efforts will yield
further improvements against these metrics. An additional critical advantage
is that the multi-stage GreenSpur axial flux design is readily scalable to
much larger sizes. Once in operation, the design will also offer meaningful
operational and maintenance advantages, aligning with industry needs for
ever more cost-effective wind power solutions.
The breakthrough design is, even at this early stage, attracting significant
interest throughout the industry. GreenSpur will now work with the Offshore
Renewable Energy (ORE) Catapult in Blyth on the validation of the new design
through a comprehensive, system-level analysis of the generator integrated
into a turbine system. GreenSpur successfully completed the development and
testing of its prototype machine at ORE Catapult's Blyth facility in 2022.
This next step will further validate the generator's performance and
commercial readiness. The collaboration with ORE Catapult is expected to run
for 3-4 months, after which the business will be in the position to evaluate
domestic and global interest in commercialisation and further development.
Chris Heminway, Executive Chairman of Time To ACT plc, commented:
"This is the highest level of excitement and engagement that we have seen to
date from the global wind industry in GreenSpur. We have always believed
that the technology was potentially ground-breaking, but to see the latest
design beating the world's best by a considerable margin is an important
confirmation of everything we have set out to do. Once independently
validated, the revolutionary aspects of this newest design will be apparent to
all. We believe that GreenSpur is now on the cusp of a really significant
breakthrough."
Tony Quinn, Technology Development Director at ORE Catapult, commented:
"One of our most important roles is to help UK businesses develop new
technology that can support the sustainable growth of the offshore wind sector
in the UK. The work we are carrying out with GreenSpur, which builds on
several years of collaboration, is a perfect example of how the combination
our test facilities and technical expertise are at the forefront of helping to
de-risk new technological innovations that can play a central role in the
future roll out of offshore wind."
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
The Directors of Time To ACT plc accept responsibility for this announcement.
For more information, please visit investors.timetoactplc.com/announcements
(https://investors.timetoactplc.com/announcements) or contact the following:
Time To ACT plc Tel: +44 (0) 1642 967138
Chris Heminway, Executive Chairman Email: crh@timetoactplc.com
Gary Wallace, Chief Financial Officer Email: gw@timetoactplc.com
Investor questions on this announcement: https://investors.timetoactplc.com/link/vPn6nP
(https://investors.timetoactplc.com/link/vPn6nP)
Novum Securities Limited, AQSE Corporate Advisor Tel: +4420 7399 9400
David Coffman, Daniel Harris, George Duxberry
Oberon Capital, Corporate Broker Tel: +44 203 179 5300
Nick Lovering, Adam Pollock, Mike Seabrook
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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.
Diffusion Alloys has two distinct areas of focus:
· Coating Technology: Selling technical excellence in coating
capability supported by the concept of "flexible capacity" - the ability to
provide customers with capacity wherever they need it, whether for the coating
of Large Parts or Small Parts.
· Coating Services: Plant-led coatings business centred on its
Middlesbrough site.
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