The Solution to the Rare Earth Problem in Offshore Wind

Without reducing a widespread dependency on Rare Earth magnets, global offshore wind will miss its Net Zero targets

Rare Earth magnets are at the heart of the clean energy transition. Electric vehicles and offshore wind dominate demand for these Rare Earth resources. Offshore wind alone will require up to a 26-fold increase in Rare Earth supply by 2050 to meet desired Net Zero targets. For the US, UK, EU Australia and Japan, energy security and decarbonisation are at the forefront of their country’s strategic priorities; yet China controls the supply. China is responsible for 90% of Rare Earth magnet production and supply deficits are forecast by 2024. Rare Earth risk now poses a significant threat to the $trillion investment needed to deliver aggressive Net Zero targets.

Offshore Wind is uniquely exposed to Rare Earth Risk

  • Forecast significant year on year growth, 16 x installed capacity by 2030 and over 1,400GW deployed by 2050.
  • CAPEX spend by 2050 will exceed $2Tn.
  • Quantity of Rare Earth magnets for a single 15MW turbine equates to the needs of 5,000 EVs.
  • EU imports 98% of its total Rare Earth magnet requirement.
  • Energy security – China controls 90% of global Rare Earth magnet production.
  • Price of Rare Earth magnets have risen by nearly 400% since 2020 with Rare Earth supply deficits expected by 2024.
  • Offshore wind supply chain is less established compared to sectors competing for the same resource, e.g. EVs and Defence.
  • Governments and wind turbine OEMs are publicly acknowledging Rare Earth-risk and investigating alternative solutions.
  • SME’s and innovators will be unable to access Rare Earth magnets due to largest consumers controlling supply.
  • Low ESG in Rare Earth supply chain – mining of 1 tonne of Rare Earth material results in 2,000 tonnes of toxic waste.

The Solution is the GreenSpur Rare Earth-Free Generator

Our generator eliminates the need for Rare Earth magnets and copper coils without any loss in performance.

  • 11 international patents.
  • Single 250kW stage of 1MW DD-PMG built, tested, and validated (2021).
  • ORE Catapult endorsed power dense 15MW Rare Earth-free DD-PMG design.
  • Generator power density and CAPEX superior to 15MW NREL benchmark.
  • Scalable design addresses 15MW to 20MW+ concepts.