Speedy Hire PLC Speedy Hire and AFC Energy to launch joint venture (4745H)
July 28 2023 - 2:00AM
UK Regulatory
TIDMSDY
RNS Number : 4745H
Speedy Hire PLC
28 July 2023
28 July 2023
Speedy Hire Plc
Speedy Hire and AFC Energy to Launch Dedicated Hydrogen Powered
Generator Plant Hire Business
Speedy Hire Plc (LON: SDY) ("Speedy"), the UK's leading tools
and equipment hire services company, and AFC Energy plc (AIM: AFC)
("AFC Energy"), a leading provider of hydrogen powered generator
technologies, are pleased to announce the proposed launch of a
dedicated hydrogen powered generator plant hire business.
This collaboration, which follows the successful launch of AFC
Energy's H-Power Generators last year, will provide the UK
construction and temporary power market with AFC Energy's
sustainable, zero emission temporary power solutions designed
specifically for the off-grid power market.
The collaboration will take the form initially of AFC Energy
providing Speedy with its existing H-Power Tower Generators on a
cross-hire basis on commercial terms.
It is the intention of Speedy and AFC Energy to form a 50:50
joint venture ("JV"), with detailed terms to be agreed between the
parties. The JV would provide a full-service hire model
coordinating the generator equipment, maintenance, technical
support, site preparation and fueling. It is proposed that the AFC
Energy equipment will be available for hire exclusively from the JV
through Speedy for an initial three-year period.
Once established, the JV will initially purchase 30kW H-Power
Generators from AFC Energy for a consideration of c.GBP2m in
aggregate. The first of these systems are expected to be available
later this year. Beyond this initial commitment, Speedy and AFC
Energy plan to increase orders for H-Power Generators in line with
the expected growing demand for zero emission power across the UK
construction and temporary power market.
The proposed collaboration aligns with Speedy's new Velocity
sustainable growth strategy launched earlier this month and builds
on AFC Energy's stated business model of selling H-Power Generators
at volume into the plant hire sector.
Dan Evans, Chief Executive, Speedy, said:
"As a leader in product innovation and sustainability across the
sectors we serve, we are pleased to announce our proposed
collaboration with hydrogen experts AFC Energy to deliver scalable,
modular zero emission power generators to the UK market and further
deliver on our ambitious targets in our Velocity sustainable growth
strategy."
Adam Bond, Chief Executive, AFC Energy, said:
"The pressure to deliver zero emission power on construction
sites here in the UK and overseas has seen strong growth in demand
for AFC Energy's H-Power Generators. Our collaboration with Speedy
builds on the successful H-Power Tower launch last year and
subsequent field-based deployments, many of whom are customers of
Speedy, making our proposed collaboration all the more
relevant."
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Dan Evans, Chief Executive
Paul Rayner, Chief Financial Officer
MHP Tel: 0203 128 8540
Oliver Hughes
Katie Hunt
Notes to Editors:
Founded in 1977, Speedy is the UK's leading provider of tools
and equipment hire services to a wide range of customers in the
construction, infrastructure, industrial, and support services
markets, as well as to local trade, and retail. The Group provides
complementary support services through the provision of training,
asset management and compliance services. Speedy is certified
nationally to ISO50001, ISO9001, ISO14001, ISO17020, ISO27001 and
ISO45001. The Group operates from c.180 fixed sites and selected
B&Q stores across the UK and Ireland together with a number of
on-site facilities at client locations and through a joint venture
in Kazakhstan.
AFC Energy plc is a leading provider of hydrogen energy
solutions, to provide clean electricity for on and off grid power
applications. The Company's fuel cell technology is now deployable
as electric vehicle chargers, off-grid decentralised power systems
for construction and temporary power with emerging opportunities
across maritime, data centres and rail as part of a portfolio
approach to the decarbonisation of society's growing
electrification needs.
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END
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