AFC Energy PLC (AIM:AFC, OTC:AFGYF) and Speedy Hire PLC (LSE:SDY) are teaming up to supply hydrogen-powered generators to the UK construction industry.
Through the collaboration, tool hire specialist Speedy and AFC will form a 50/50 joint venture that will initially purchase 30kW H-Power Generators worth £2mln in aggregate
AFC will supply hydrogen generators exclusively to the JV for an initial three-year period.
Adam Bond, AFC’s chief executive, 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."
Dan Evans, Speedy's CEO, said the partnership would supply "scalable, modular zero-emission power generators to the UK market and further deliver on our ambitious targets in our Velocity sustainable growth strategy".