AFC Energy PLC (AIM:AFC, OTC:AFGYF) has signed an exclusive distribution deal for Saudi Arabia with The Machinery Group (TAMGO), an approved supplier to many of the country’s infrastructure and mining projects.
Through the agreement, TAMGO will market and sell or lease to end-customers AFC Energy's zero-emission hydrogen-fueled H-Power Generators in the kingdom and a further 16 countries in the MENA (Middle East North Africa) region.
TAMGO will have exclusive dealership rights in the region for AFC Energy's fuel cell technologies, including name-plated generators ranging from 10kW to 200kW.
AFC estimates the rental power market in these areas will be worth US$3.2 billion by the end of 2030.
TAMGO is part of the Zahid Group, which also owns Altaaqa, one of the world's largest mobile power modules rental fleets and that signed an MOU with AFC in 2021.
The latest agreement supersedes and builds on that agreement, AFC said.
Rami Elayan, TAMGO’s chief executive, said: "TAMGO is delighted to have been appointed as an exclusive distributor for AFC Energy.
"This milestone signifies a continued evolution of the collaboration initiated with AFC Energy back in 2021 and will enhance TAMGO's ability to provide environmentally friendly electricity solutions to its customers."
Adam Bond, AFC Energy's chief executive, added: "We are delighted that TAMGO will represent our leading H-Power Generator platforms in the Saudi and neighbouring markets when sustainable, temporary power is forecast to increase materially.”