AFC Energy (AFC) , a provider of hydrogen energy solutions, and Speedy Hire, a UK and Ireland tool provider, are launching Speedy Hydrogen Solutions (SHS), a joint venture that aims to dominate the hydrogen generator hire market.
With an initial order commitment of £2m and plans to increase up to £4.7m in the first contract year, SHS aims to meet the rising demand for sustainable portable power solutions, particularly in light of UK projects like HS2 targeting the elimination of diesel generators by 2029.
The joint venture will be equally owned, with AFC Energy providing H-Power Generators and services under a Supply and Maintenance Agreement, and SHS securing exclusivity for hiring these generators in the UK and Ireland.
Adam Bond, Chief Executive at AFC Energy, said: "We are pleased to announce this exciting collaboration with the UK's leading sustainable plant hire business, Speedy Hire. We have every confidence that SHS will support the UK and Irish construction sector's transition away from diesel towards its ambitious decarbonisation targets, representing a game changer in the way sustainable off-grid power is delivered to industry. With strong interest already evidenced from contractors and at industry events, we expect this venture to now raise the bar in the delivery of sustainable off-grid power."
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AFC Energy specialises in hydrogen fuel cells and converting hydrogen carriers into clean, off-grid power solutions. These technologies are designed to meet the energy needs of various organisations, including those involved in construction, electric vehicle charging, shipping, and data centres.
With AFC Energy's hydrogen fuel cells and carrier fuels, businesses can access clean and reliable power sources, helping them reduce their environmental impact and operate efficiently even in areas without traditional grid access.
AFC’s hydrogen carrier fuels take the form of ammonia or methanol. They are energy dense, resulting in a lower cost of storage and transportation than pure hydrogen. These hydrogen carriers are increasingly available in green form known as e-fuels, ensuring the process to produce them is net zero.
AFC shares jumped 8.4% on the news.
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