Business
Exclusive Distribution Agreement with TAMGO
Exclusive Distribution Agreement with TAMGO.
About this update from H-power Plc
[{"type":"text","content":"\n\n \n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n4 September 2023\n \n \nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \n \nTAMGO to Distribute AFC Energy H-Power Fuel Cell Generators in the Kingdom of Saudi Arabia and other MENA Markets\n \n\nAFC Energy plc (AIM: AFC) (\"AFC Energy\"), a leading provider of hydrogen powered generator technologies, is pleased to announce the signing of an exclusive distribution agreement (the \"Agreement\") with Saudi Arabia's The Machinery Group LLC, trading as TAMGO (www.tamgo.com).\n \nTAMGO is an approved vendor to many of Saudi Arabia's mega and large scale infrastructure and mining projects including NEOM, Red Sea Global and Qiddiya. Under the Agreement, TAMGO will market and sell or lease to end-customers AFC Energy's zero emission hydrogen fueled H-Power Generators in the industrial and off-grid power markets in the Kingdom of Saudi Arabia and a further 16 countries in the MENA and surrounding region including, amongst others, the United Arab Emirates, Qatar, Oman, Kuwait and Kazakhstan.\n \nWith a rental power market valued at USD1.6bn in 2020, and projected to increase to USD3.2bn by the end of 2030[1], the Saudi and Middle Eastern markets are a key part of AFC Energy's growth strategy. \n \nTAMGO's exclusive dealership rights in the region incorporate AFC Energy's fuel cell technologies, including name plated generators ranging from 10kW to 200kW. TAMGO will provide local customer support with on the ground maintenance and servicing of H-Power Generators along with engineering, design, commissioning and logistics support direct to customers.\n \nTAMGO is a group company of one of Saudi Arabia's leading multi-nationals, the Zahid Group. The Zahid Group represents international brands in the Construction Heavy Machinery, Commercial Vehicles, Energy, Water, Oil & Gas, Manufacturing and Facilities Management sectors in Saudi Arabia, in a...