Greenspur Renewables has developed an innovative electro-magnetic generator for wind turbines, eliminating the need for a gearbox, thus improving efficiency and lowering maintenance costs for the $100bn+ global wind energy market.
The Story
Existing direct drive permanent magnet generators (DD-PMGs) use rare earth magnets, which are scarce, expensive and sourced almost exclusively from China (90%).
Greenspur began work on its DD-PMG design in September 2014. Co-founder Hugh-Peter Kelly formed a team of experienced electromagnetics engineers to design a new and highly innovative DD PMG which replaces rare earth magnets, which cost £40 per kg, with cheap and ferrite magnets that cost only £1 per kg. The company has a considerable understanding of magnet manufacturing and assembly processes, which have led to the successful construction of the company’s first two generators.
GreenSpur’s target is to embed its product into the design of one or more wind turbine manufacturers. The company has identified 15 target wind turbine companies and is already in early-stage discussions with two about its technology and is working to present designs with the aim to lead to co-development projects. GreenSpur has patents on file internationally with more in preparation with the aim of licensing its intellectual property to manufacturing and assembly partners.
The company was the winner of the 2016-17 Rushlight Wind Power Award and has been awarded a large number of grants since its establishment.
Director Hugh-Peter Kelly is a professional engineer and the inventor of the GreenSpur generator. He has extensive experience in product innovation, R&D, IPR and manufacturing. A product that he invented, patented and brought to the market in the 1980s, the tubular linear motor, is in use on a worldwide basis. Fellow Director Andrew Hine was involved in two successful startup companies in the 1990s, both of which exited via trade sale.
The lead investor
Previously working in Equity Research in the City of London, Chris Heminway and his team were ranked among the best in Europe by Institutional Investor, Greenwich Associates and the Reuters Survey in the 1990s. He has been involved in the renewables industry since 2002 and actively investing in the sector since 2010. Chris believes that Greenspur’s unique intellectual property will allow it to create a niche for itself and that the deep domain expertise in the offshore wind energy market that can be found in the UK makes for an exciting market opportunity.
What investors have to say
“The conversations we have had indicate that there is a good chance that GreenSpur’s unique ferrite magnet replacement for rare earth materials in wind turbine generators will have significant strategic value for the industry, as well as contributing to valuable reductions in the levellised cost of energy. I am looking forward to becoming a GreenSpur shareholder!” Simon Acland, Green Angel Syndicate Director (investor)