(Alliance News) - Time To Act PLC on Wednesday said that its GreenSpur business has received a GBP613,000 award from the Beethoven Project, which is an initiative for the sustainable development of advanced magnetic materials for energy solutions.
Time To Act is a Middlesbrough, England-based engineering firm that operates in what it calls the energy transition supply chain. It has two main businesses, Diffusion Alloys, which provides metal coating technology and services, and GreenSpur, which provides electricity generator technology.
The award will be spread over four years, and will provide GreenSpur with income needed to support the development of a fully characterised, high powered rare earth-free magnet for use in several industrial applications.
In the initial phases of the project, GreenSour will focus on characterising a new magnetic material. It will then continue to support the other consortium partners in the development of this new material into a new magnet.
"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," said Time to Act Executive Chair Chris Heminway.
Shares in Time To Act last traded at 63.25 pence on Aquis on Wednesday morning, down from 70.00p a day before.
By Holly Beveridge, Alliance News senior reporter
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