REG - Speedy Hire PLC - Speedy Hire and AFC Energy to launch joint venture

Speedy HireAnnouncement

28/07/2023 07:00

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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.£2m 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                                                                                                                               Tel: 01942 720 000
 Plc
 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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