June 25, 2024

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

Time To ACT plc is excited to share that our GreenSpur division has been awarded £613,000 from the BEETHOVEN Project, part of the EU’s Horizon Europe programme. This four-year grant will enable GreenSpur to advance its development of a high-powered, Rare Earth-free magnet for various industrial applications. Our GreenSpur team has pioneered the design of a Permanent Magnet Generator for wind turbines that does not utilise Rare Earth Elements (REEs) or copper coils, making it an ideal partner for the BEETHOVEN Project’s new magnet development efforts.

In the initial phase of the project, GreenSpur will characterise a new magnetic material for its generator. Subsequently, we will assist in developing this material into magnets for a 3-5kW demonstrator wind turbine generator, with our consortium partners also exploring applications in high-speed electric vehicles and flywheels. Our goal is to significantly reduce reliance on REEs, addressing supply chain instability and advancing renewable energy technologies.

The BEETHOVEN Project, with a total budget of €7.5 million, brings together 14 partners from 10 European countries to develop sustainable advanced magnetic materials as substitutes for REEs. The project focuses on three types of magnets: high-entropy alloys, ferrite-based composites, and W-type ferrites. By 2033, we aim to reduce Europe’s REE magnet imports by 2,200-4,900 tonnes, thereby enhancing Europe’s industrial competitiveness and supply chain resilience.

Chris Heminway, our Executive Chairman, stated, “We are thrilled that GreenSpur has been named a member of the BEETHOVEN consortium. This award underscores the commercial relevance of GreenSpur’s technology and provides revenue that will help accelerate development efforts, bringing our cutting-edge solution closer to full-scale commercialisation. Our involvement in the BEETHOVEN Project is also important as it provides access to an invaluable network of expertise and resources across 10 countries, aligning perfectly with Time To ACT’s broader 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.”

Time To ACT plc focuses on technology for the energy transition supply chain through our two main businesses, Diffusion Alloys and GreenSpur. Diffusion Alloys provides protective coatings for high-temperature and corrosive environments, collaborating with Johnson Matthey plc to scale up production for hydrogen projects.

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