RCS - Speedy Hire PLC - Multimillion-Pound Partnership With Niftylift

Speedy HireAnnouncement

04/07/2023 07:00

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RNS Number : 8229E  Speedy Hire PLC  04 July 2023

Speedy Hire Plc

("Speedy", "the Company" or "the Group")

 

4 July 2023

 

SPEEDY HIRE ANNOUNCES MULTIMILLION-POUND PARTNERSHIP WITH NIFTYLIFT TO LAUNCH
WORLD-FIRST HYDROGEN-ELECTRIC POWERED ACCESS PLATFORM

 

·      Collaboration between two British companies brings a unique and
sustainable solution to UK Construction and related sectors

·      World's first hydrogen-electric powered, zero-carbon access
platforms to be manufactured and made available for hire in Milton Keynes

·      Strategic investment accelerates construction sector net zero
roadmap

·      Demonstration of early momentum with Speedy Hire's new strategy,
Velocity

 

Speedy Hire Plc, the UK and Ireland's leading provider of tools, specialist
equipment and services, announces a partnership with leading global mobile
elevating work platform manufacturer Niftylift
(https://www.niftylift.com/uk/about-us) to design, manufacture and bring to
market the world's first hydrogen-electric powered access platform.

 

The two British companies have developed the zero-emission platform and agreed
a three-year partnership worth £9m in the first year, that will see Niftylift
manufacture and supply the zero-emission lifts at its Milton Keynes facility
exclusively to Speedy Hire, alongside an additional fleet of Niftylift hybrid
powered access platforms.

 

The pioneering technology was developed as a joint initiative between Speedy
Hire and Niftylift, providing a solution for the construction, infrastructure,
and related sectors on the journey towards net zero, whilst also being
commercially sustainable. The world's first hydrogen-electric powered access
platform will roll off the production line at Niftylift and be delivered to
Speedy Hire's Innovation Centre in Milton Keynes during July.

 

UK construction sector under pressure to reduce emissions

 

UK construction firms increasingly require sustainable products and services
that drive down carbon and reduce waste, supporting their commitments to
achieving net zero.

 

The sector has been mandated to lower carbon emissions by the Government, with
a recent House of Commons Committee report
(https://publications.parliament.uk/pa/cm5803/cmselect/cmenvaud/103/report.html)
'Building to net zero: costing carbon in construction' estimating that 25 per
cent of the UK's total greenhouse gas emissions are attributable to the built
environment from every stage of the construction and use cycle. The report
concludes that "emissions from the built environment must be reduced if the UK
is to meet net zero by 2050".

 

The shift to lower-emission construction equipment is becoming an increasingly
core component of winning work through the tender processes for major UK
construction and infrastructure projects, as Tier 1 contractors demand low and
zero-emission solutions to meet their Scope 3 carbon targets relating to their
supply chains. This emphasis on sustainability in bidding has also led to the
development of green procurement policies, which prioritise the selection of
eco-friendly materials and approaches when selecting suppliers. Additionally,
some bids now require a sustainability report detailing how the proposed
project will reduce environmental impacts and provide social value.

 

Speedy Hire leading the hire sector in helping the UK construction sector go
green - new Velocity strategy in action

 

Last year Speedy Hire actively procured more sustainable assets into its hire
fleet including those with solar, hybrid, electric and hydrogen technology.
During its last financial year, the company invested £52.1m in its hire
fleet, of which 51% was on sustainable equipment. It has a target to ensure
that such 'eco' products account for 70% of its itemised equipment fleet by
2027.

 

44% of Speedy Hire's itemised hire range are now sustainable eco products, and
during the last financial year, the Company continued to extend this range of
products. Speedy Hire also reports that 53% of its revenue was generated from
eco products, reflecting increased demand from customers for Speedy Hire's
sustainable solutions and the Company's commitment to reducing carbon
emissions.

 

The exclusive partnership with Niftylift provides an insight into Speedy
Hire's Velocity business strategy, where the company has pledged to
continuously innovate and collaborate with the value chain, to deliver
sustainable specialist products and solutions for customers to meet their
carbon reduction targets.

 

Dan Evans, Chief Executive at Speedy Hire, commented:

 

"We have a strong history of leading the market in combining product
innovation and sustainability, and our collaboration with Niftylift is yet
another example of that. This world-first technology is a game changer for UK
construction companies, enabling them to start using equipment powered by a
zero-emission fuel such as hydrogen.

 

Our investment into this partnership with Niftylift enables us to accelerate
the sustainable and technological evolution of the sectors we operate in and
supports our ambitious plan to become a net zero business by 2040, ten years
ahead of the government target."

 

Our sustainable growth strategy, Velocity, sets out a clear direction for the
business to deliver long term benefits to our customers, our people and our
investors, and the development and partnership with Nifylift to introduce this
hydrogen-electric technology to the market is a strong example of Velocity in
action."

 

 

Enquiries:

 

Speedy Hire
Plc
Tel: 01942 720 000

Dan Evans, Chief Executive

Paul Rayner, Chief Financial Officer

 

 

MHP
            Tel: 0203 128 8147

Oliver Hughes

 

 

Notes to editors:

 

·      The hydrogen-electric powered access platform is the first viable
alternative to diesel-powered equipment, especially during the early-stages on
construction sites where electric infrastructure is virtually non-existent.
The hydrogen-electric powered access platform can be operated for up to five
days on a single charge, with additional range available from the hydrogen
fuel cell, emitting zero carbon into the atmosphere without compromising on
reliability.

·      The hydrogen-electric powered access platforms are fitted with a
G20 hydrogen cylinder and fuel cell technology.

·      The hydrogen-electric powered access platform also has many other
benefits: quiet operation reducing noise pollution; highly efficient, with
longer operating times and quicker refuelling times than traditional
diesel-powered platforms; low weight, significantly reducing transport costs
and fuel; ability for indoor use; the lowest floor loadings and ground
pressures in the industry; on site power infrastructure is not needed for
charging batteries.

·      Powered access platforms are a type of aerial work platform that
are critical for the construction industry as it enables horizontal and
vertical reach for essential work to be completed on construction projects in
hard-to-reach areas.

 

About Speedy Hire

Speedy Hire is the UK's leading provider of tools, equipment, and plant hire
services to a wide range of customers in the construction, infrastructure, and
industrial markets, as well as to the local trade and consumers. It operates
from c.180 sites across the UK and Ireland
(https://www.speedyservices.com/depot)  including a number of concessions
within B&Q stores.

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