Time to ACT PLC (AQSE:TTA), positioning itself as an emerging link in the energy transition supply chain, started trading in London on Wednesday.
The Middlesbrough-based engineer was founded as electricity generator technology provider GreenSpur in 2011 and then was renamed after the 2019 acquisition of Diffusion Alloys, a provider of metal coating services that is looking to specialise in low carbon-impact coatings for clean and renewable industries.
Both businesses are generating revenue, the group said, reporting that it was profitable in 2023 and had £1.9 million cash in the bank on March 31.
In its IPO announcement earlier this month, Time to ACT (AQSE:TTA) said it hoped to raise up to £1 million of new cash "to de-risk growth and in support of its strategy of coupling organic growth and acquisition".
It the end it raised £546,000 of new equity, mostly from the conversion of loan notes.
Executive chairman Chris Heminway, who has public markets experience as a non-executive director at AIM-listed Robotic Technology Systems, said the listing "marks a significant milestone" for the company.
The board also includes some heavyweight non-executive directors, including former Siemens UK finance chief Andrew Hall and former GEC and Alstom senior engineer Rich Furniss.
Hemminway said Time to Act is "committed to fostering innovation in this sector and developing engineering-led solutions for a cleaner, greener world. Being listed on the AQSE Growth Market will play an important role in helping us to deliver on this commitment."