Business
Proposed Launch of Speedy Hire Joint Venture
Proposed Launch of Speedy Hire Joint Venture.
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 \n28 July 2023\n \n \nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \n \nAFC Energy and Speedy Hire to Launch Dedicated Hydrogen Powered Generator Plant Hire Business\n \n\nAFC Energy plc (AIM: AFC) (\"AFC Energy\"), a leading provider of hydrogen powered generator technologies, and Speedy Hire Plc (LON: SDY) (\"Speedy\"), the UK's leading tools and equipment hire services company, are pleased to announce the proposed launch of a dedicated hydrogen powered generator plant hire business.\n \nThis 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.\n \nThe 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.\nIt 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.\nOnce 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.\nThe proposed collaboration aligns with Speedy's new Velocity...