‘Hydrogen for hire’: AFC Energy and Speedy Hire launch joint venture
Hydrogen energy specialists AFC Energy have launched a joint venture (JV) with the UK’s largest tool and equipment hire company, Speedy Hire.
Announced yesterday, Speedy Hydrogen Solutions Limited will purchase £2m worth of 30-kilowatt Hydrogen fuel cell generators from AFC to be delivered to customers across the UK.
AFC Energy, which once counted the Russian oligarch and former Chelsea FC owner Roman Abramovich as a major shareholder, first launched the mini generators in March last year.
The companies expect this tranche to have completed delivery through the first six months of 2024, with the intention to increase orders up to £4.7m across the first year.
The initial duration period of the venture is three years, through which it will provide a full-service hire model, providing equipment, maintenance and support to customers.
“We are pleased to announce this exciting collaboration and we have every confidence that the JV will support the UK and Irish construction sector’s transition away from diesel towards its ambitious decarbonisation targets,” said AFC Energy’s chief executive, Adam Bond.
“With strong interest already evidenced from contractors and at industry events, we expect this Hydrogen energy venture to now raise the bar in sustainable off-grid power.”
Speedy Hire’s chief executive, Dan Evans added: “Our JV with AFC Energy further strengthens our market leadership in combining product innovation and sustainability solutions that are increasingly critical and in demand from our customers.
“We continue to make progress in the delivery of our ambitious plan to be a net zero business by 2040 and, together with other recently announced developments like the acquisition of Green Power Hire, provide strong and unique evidence of our Velocity strategy in action.”
Analysts from Peel Hunt reacted positively to the news, with hopes it could benefit AFC Energy’s short-mid term results.