AFC Energy PLC (AIM:AFC, OTC:AFGYF) shares skyrocketed 20% on Friday morning after the company announced a joint venture with Speedy Hire PLC (LSE:SDY) to supply hydrogen-powered generators for construction.
AFC will exclusively supply the generators to the joint venture with tool hire specialist Speedy, with the pair owning 50% each of the new business.
“[This] builds on the successful H-Power Tower launch last year and subsequent field-based deployments, many of whom are customers of Speedy,” AFC boss Adam Bond said.
Liberum analysts tipped the deal would provide a financial boost for AFC, given the £2mln of orders for the joint venture is itself above the company’s 2022 sales of £0.6mln.
Shares soared on the news, climbing 20% to 17.66p.