Time To ACT plc is pleased to announce that its GreenSpur business has received a €705,000 (circa £613,000) award from The BEETHOVEN Project, enabling the development of a Rare Earth-free magnet. This award will support the creation of a high-powered magnet for industrial applications, particularly in wind turbines. The BEETHOVEN Project aims to pioneer sustainable energy solutions by reducing reliance on Rare Earth materials and enhancing renewable energy technologies.

GreenSpur's innovative generator design eliminates the need for Rare Earth Elements and copper coils, making it an ideal application for the new magnets developed under the BEETHOVEN Project. This partnership will help reduce Europe's REE magnet imports and create a more resilient and competitive industry.

We are excited about the commercial potential of GreenSpur's technology and the opportunities it brings for our broader industry objective of creating a sustainable supply chain for renewable energy. Investors are encouraged to visit our website for more information or reach out with any questions.