When the Industrial Revolution was in full swing, Middlesbrough was known as Ironopolis, synonymous with iron ore, steel production and shipbuilding. In recent decades, the city has become increasingly associated with economic deprivation. Now, however, Middlesbrough are fighting back and It is time to act He is a key player in the battle.
The group is at the forefront of renewable energy engineering knowledge, with world-leading technology that could prove as influential as those industrial pioneers of yesteryear.
Founded by seasoned businessman Chris Hemingway, Time to Act consists of two divisions. Diffusion Alloys is one of the only operators in the world manufacturing corrosion resistant coatings for essential kits used in nuclear and hydrogen plants. FTSE 100 giant Johnson Matthey is a client, revenue is rising and further growth is expected.
Hemingway’s other business, Greenspur, has devised a way to manufacture wind turbine generators using widely available and reasonably priced raw materials.
Turbine generators are based on rare earth magnets and copper coils. But the rare earths industry is dominated by China and copper supplies are increasingly scarce.
Sunny outlook: Time to Act is at the forefront of renewable energy engineering expertise
Time to Act makes generators with iron magnets and aluminum coils for everyday use. The technology was developed in Middlesbrough, but is expected to find customers around the world, starting in the United States, where Time to Act recently secured its first contract.
Time to Act, a small business today, listed on the AQSE exchange just last month, to help drive future growth.
However, the company is already profitable and is expected to double its sales to £2.4m this financial year.
Midas Verdict: Time to Act, based on Teesside, is an engineering specialist that will play a key role in the transition from fossil fuels to green energy. At 50p a share, this tiddler is worth a closer look.
Traded in: AQSE Heart: ATT Contact: timetoactplc.com or 01642 967138
