Clean energy engineering group Time to ACT is to float on the Aquis stock exchange growth market this week, with shares to be offered to retail and institutional investors.
Executive chairman Chris Heminway said Time to ACT wants to raise up to £1million from the flotation. Shares will be made available to retail investors through market maker Winterflood Securities. Its shares will be admitted to Aquis’ growth market on Tuesday and Heminway said proceeds will be used to help it ease management capacity constraints and accelerate its growth.
The Teesside-based engineering group, which was founded in 2011, owns two businesses, Diffusion Alloys and GreenSpur. It believes that both are well placed to benefit from the transition away from fossil fuels.
Diffusion is a 60-year old specialist producer of protective coatings for components used in hydrogen and synthesis gas production, as well fuel cells and in nuclear fusion and fission.
GreenSpur is a generator designer and intellectual property company.
It has developed a generator that does not use rare earth magnets.
t use rare earth magnets. Time to Act believes GreenSpur’s technology offers an attractive, scalable alternative to existing green technologies that rely on rare earth magnets, especially as China controls 90 per cent of the world’s production and 60 per cent of the increasingly scarce metals used to make them.
Heminway said the choice to list on Aquis rather than the London Stock Exchange’s AIM market was due to fees and regulation. “AIM is pricing itself out of existence,” he said.
