Speedy Hire PLC Speedy Hire and AFC Energy launch joint venture (5254T)
15 November 2023 - 8:00AM
UK Regulatory
TIDMSDY
RNS Number : 5254T
Speedy Hire PLC
15 November 2023
15 November 2023
Speedy Hire Plc
Speedy Hire and AFC Energy Launch Dedicated Hydrogen Powered
Generator Plant Hire Business - Speedy Hydrogen Solutions
Limited
Further to the announcement of 28 July 2023, Speedy Hire Plc
(LON: SDY) ("Speedy"), the UK's leading tools and equipment hire
services company, and AFC Energy plc (AIM: AFC) ("AFC Energy"), a
leading provider of hydrogen powered generator technologies, are
pleased to announce the launch of Speedy Hydrogen Solutions Limited
("SHS") their 50:50 joint venture company, a dedicated hydrogen
powered generator plant hire business promoting sustainable, zero
emission, temporary power solutions designed specifically for the
off-grid generation market.
The launch of SHS provides a vehicle to acquire and hold AFC
Energy H-Power Generator assets for hire to Speedy on commercial
terms for subsequent rehire by Speedy to its customers. AFC and
Speedy have agreed to initially jointly fund SHS up to GBP2.5m
each, subject to JV performance, through initial equity
subscriptions and subsequent shareholder loans. This will enable
SHS to purchase 30kw H-Power Generators from AFC Energy. The first
of these systems are expected to be available later this year, and
Speedy and AFC Energy plan to manage the purchase of the H-Power
Generators in line with the expected growing demand for zero
emission power across the UK construction and temporary power
market, which has been confirmed by the strong interest in H-Power
Generators received by both Speedy and AFC Energy following the
initial announcement.
SHS will provide a full-service hire model co-ordinating the
generator equipment, maintenance, technical support and telematics
monitoring, site preparation and fuelling to Speedy and its
customers. The H-Power Generators will be available for hire in the
UK and Ireland exclusively from SHS through Speedy for an initial
three-year period. SHS will also generate income from the
procurement and on-sale of hydrogen to Speedy customers, as well as
providing ancillary and engineering support to those customers not
familiar with the adoption of hydrogen fuelled generators as part
of their move to a more sustainable off-grid power solution.
SHS does not expect to hire employees nor commit to new
facilities at this time. Speedy has agreed to support SHS with
marketing, logistics and accounting support with AFC Energy
providing technical, service and maintenance and on the ground
commissioning capability.
The H-Power Generators are being designed to work in harmony
with Battery Storage Units supplied from Green Power Hire, a
company recently acquired by Speedy. This hybrid power package
(fuel cell and battery) highlights the importance of joined up
technology development enabling customers to achieve both financial
and environmental savings compared to alternative technologies on
the market.
Dan Evans, Chief Executive at Speedy Hire, said:
"Our JV with AFC Energy further strengthens our market
leadership in combining product innovation and sustainability
solutions that are increasingly critical and in demand from our
customers. We continue to make progress in the delivery of our
ambitious plan to be a net zero business by 2040 and, together with
other recently announced developments like the acquisition of Green
Power Hire, provide strong and unique evidence of our Velocity
strategy in action."
Adam Bond, Chief Executive at AFC Energy, said:
"We are pleased to announce this exciting collaboration with the
UK's leading plant hire business, Speedy Hire. We have every
confidence that the JV will support the UK and Irish construction
sector's transition away from diesel towards its ambitious
decarbonisation targets and represents a game changer in the way
sustainable off-grid power is delivered to industry. With strong
interest already evidenced from contractors and at industry events,
we expect this venture to now raise the bar in sustainable off-grid
power."
For further information, please contact:
Speedy Hire Plc Tel: 01942 720 000
Dan Evans, Chief Executive
Paul Rayner, Chief Financial Officer
MHP Tel: 0203 128 8540
Oliver Hughes
Katie Hunt
About Speedy Hire
Founded in 1977, Speedy is the UK's leading provider of tools
and equipment hire services to a wide range of customers in the
construction, infrastructure, industrial, and support services
markets, as well as to local trade, and retail. The Group provides
complementary support services through the provision of training,
asset management and compliance services. Speedy is certified
nationally to ISO50001, ISO9001, ISO14001, ISO17020, ISO27001 and
ISO45001. The Group operates from c.180 fixed sites and selected
B&Q stores across the UK and Ireland together with a number of
on-site facilities at client locations and through a joint venture
in Kazakhstan.
About AFC Energy
AFC Energy plc is a leading provider of hydrogen energy
solutions, to provide clean electricity for on and off grid power
applications. The Company's fuel cell technology is now deployable
as electric vehicle chargers, off-grid decentralised power systems
for construction and temporary power with emerging opportunities
across maritime, data centres and rail as part of a portfolio
approach to the decarbonisation of society's growing
electrification needs.
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