March 31, 2023

Teesside business driving global policy change ahead of COP-28

A green business is driving the global policy agenda in the fight against climate change as leaders gear up for COP-28.

GreenSpur, based in Stockton, is the developer of the only credible Rare Earth-Free Permanent Magnet Generator (PMG) suitable for wind turbines.

Darren Robertson, managing director, recently spoke at the 13th session of the IRENA (International Renewable Energy Agency) Assembly in Abu Dhabi, which brings together Heads of State, Government ministers and industry leaders to facilitate interaction between decision-makers on pressing issues related to the energy transition.

Global leaders will next meet at COP-28, hosted in the United Arab Emirates, to take stock of the progress on the Paris Agreement, and align efforts on climate action.

Darren said: “Global leaders in the fight against climate change recognise that renewable energy deployment is behind the curve.

“A key challenge lies in the supply chain of critical minerals, particularly rare earth magnets and the realisation that scaling mining will not be enough.

“The solution requires a combination of increasing supply and the adoption of critical mineral substitution technologies, with GreenSpur seen as a leading player in this field.

“PMGs are at the heart of the renewable energy transition and utilise a vast quantity of rare earth magnets. Rare earth magnets are highly efficient and can be used in a variety of applications, from computer hard drives to electric vehicles and wind turbines.

“However, substantial forecasted growth in electric vehicles and offshore wind deployment rare earth demand is expected to outstrip supply.

“Global rare earth magnet supply is also geographically concentrated, with China producing 90 per cent of global magnet production. With geopolitical tensions escalating, access to supply has created concerns regarding energy security.

“GreenSpur has developed a pioneering PMG solution which eliminates the need for rare earth magnets and is seen as a leading player in this field.

“My invitation to speak at IRENA’s general assembly demonstrates that global policymakers are looking to GreenSpur for guidance on how to address the supply chain challenges and how policy can support the rapid scale of this technology and drive the energy transition.”

GreenSpur is a wholly-owned subsidiary of Time To ACT, whose mission is to find and develop undervalued world-beating clean and renewable technologies in order to support the global transition to Net Zero. In addition to GreenSpur, the group includes Diffusion Alloys, a market-leading specialist with 60 years of experience in diffusion coatings, and Teesside Magnetics, an innovative early-stage business looking to support UK magnet supply chain ambitions.

Gary Wallace, chief financial officer of Time To ACT, added: “By relocating our business activities to Teesside from Hertfordshire in April 2022, Time To ACT is now driving growth in the region’s hub of clean and renewable technology businesses and is well positioned to support the supply chain.

“With its supportive infrastructure, highly skilled workforce and strong commitment to sustainability, we see limitless potential for success and growth in this dynamic and innovative environment.

“We are proud GreenSpur is influencing policy change on the international stage while we continue to make further links with local supply chains and build strategic partnerships for the future.”