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 been more often associated with economic deprivation. Now, however, Middlesbrough is fighting back and Time to Act is a key player in the battle.
The group is at the forefront of engineering know-how in renewable energy, with world-leading technology that could prove as influential as those industrial pioneers of yesteryear.
Founded by seasoned entrepreneur Chris Hemingway, Time to Act consists of two divisions. Diffusion Alloys is one of the only operators in the world to make corrosion-resistant coatings for essential kit used in hydrogen and nuclear plants. FTSE 100 giant Johnson Matthey is a customer, revenues are soaring and further growth is expected.
Hemingway’s other business, Greenspur, has devised a way of making wind turbine generators using widely available and reasonably priced commodities.
Turbine generators rely on rare earth magnets and copper coils. But the rare earth industry is dominated by China and copper is in increasingly short supply.
Sunny outlook: Time to Act is at the forefront of engineering know-how in renewable energy
Time to Act makes generators with everyday iron magnets and aluminium coils. The technology was developed in Middlesbrough but is expected to win customers across the world, starting with America, where Time to Act recently won its first contract.
A small business today, Time to Act listed on the AQSE exchange only last month, to help drive future growth.
The company is already profitable, however, and is expected to double sales to £2.4 million this financial year.
Midas verdict: Proudly headquartered on Teesside, Time to Act is an engineering specialist set to play a key role in the transition from fossil fuels to green energy. At 50p a share, this tiddler is well worth a closer look.
Traded on: AQSE Ticker: TTA Contact: timetoactplc.com or 01642 967138
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