Time to ACT is planning to join the Aquis Stock Exchange later this month and it has launched a fundraising ahead of the flotation. The flotation will take place even if there is no money raised. Time to ACT plans to develop a group of engineering-based energy transition businesses.
Middlesbrough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. It has its own technology.
This is a specialist business that has been around for six decades, and it generates revenues and profit. Revenues are generated from coating services for clients and selling coating technology know-how.
For the past decade, the focus has been clean technology applications. The partnership agreement with Johnson Matthey for the supply of coated components for hydrogen production that captures 99% of CO2. Management believes it is currently the only business with the expertise in coating gas heated/heat exchanger reformers tubes for this use.
GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. It uses axial flux technology that utilises ferrite magnets, which are less expensive. It is also copper-free and uses aluminium instead. Three prototypes have been built.
Longer-term, Time to ACT will seek to add other technology businesses to the group. For the time being, the focus is using cash generated by Diffusion Alloys to develop the GreenSpur business.
The Winterflood Retail Access Platform is being used to raise up to £1m. The issue price and closing date have yet to be announced. Investors have to apply for shares via a broker. The minimum subscription is £100.