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An open letter to employees, shareholders, customers, suppliers and all those with an interest in our companies

The Boards of Directors of the Diffusion Alloys group of companies and GreenSpur Renewables are excited to announce the combination of the two businesses from today’s date under the GreenSpur umbrella. The two businesses henceforth operate within a single structure whereby both will benefit from an expanded management team and enhanced financial capability. The enlarged group is positioned to raise further expansion financing so as to fund a common vision serving the global renewables and energy markets. The shareholders who have backed the restructuring and expansion of Diffusion Alloys remain core investors in the new combination and are investing a significant amount of additional cash and management expertise into the enlarged group.

GreenSpur has been engaged in the development of its game changing ferrite magnet direct-drive generator with applications targeted at the high-growth wind turbine industry. Recent successes with the construction and testing of its modular 250kW generator have confirmed its innovative technological breakthrough.

Diffusion Alloys has been executing a multi-year transformation under new ownership since 2012 and continues to evolve, as a solutions-based coatings supplier, from serving the mature energy market into a multi-faceted business with an increasing emphasis on coating components for use in clean energy applications.

Together, the two companies combine a profitable, cash-generative industrial base with a cash-using development business into a shared industrial vision that is perfectly placed to service the changing global energy market. The new group will be headed by CEO Lisa Randall who has led the turnaround of the Diffusion Alloys business and spearheaded its expansion into new business areas. She brings a wealth of determined industrial management experience which will be used to bring focus and financial rigour to GreenSpur’s technology development activities.

The disciplines acquired from running an industrial business in a challenging operating environment will be brought to bear on a growth business so as to promote a target-driven environment focused on technology commercialisation and the most efficient use of available funding. While the combination will be intensely focused on the targeted deployment of cash resources, we also have numerous exciting growth plans in hand – which include the construction of a new net-zero focused industrial facility that will showcase our combined talents alongside our customers’ clean technologies. We will however not spend a penny of shareholder money or industrial free cash flow on applications that have not been properly thought through.

It is intended that the combined operation will seek further expansion financing via a planned listing on the London AIM stock market. Access to additional finance options remains key to delivering on the expectations of our current and future customers, our employees, our shareholders and all other stakeholders. The core message from our re-aligned Board of Directors is that every stakeholder should be excited by the new opportunities of the combined businesses.

Chris Heminway
Director and significant shareholder

Merger of Diffusion Alloys with GreenSpur