Speedy Hire Plc (SDY.L), a tools and equipment hire services company, and AFC Energy Plc (AFC.L), a provider of hydrogen powered generator technologies, said on Wednesday that they have launched their 50:50 joint venture or JV company, Speedy Hydrogen Solutions Limited or SHS.
SHS is a hydrogen powered generator plant hire business to promote 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 2.5 million pounds 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.
Adam Bond, Chief Executive at AFC Energy, said: "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."
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