Speedy Hire and AFC Energy have announced the formation of a joint venture, Speedy Hydrogen Solutions, dedicated to providing hydrogen-powered generators for the UK and Irish construction trade. The venture marks a strategic step in addressing the increasing demand for eco-friendly and off-grid temporary power solutions in the construction industry.
Speedy Hydrogen Solutions has committed to an initial order of £2 million worth of H-Power generators from AFC Energy, with delivery expected within the next six months. The generators will be available for hire through Speedy Hire, offering sustainable, zero-emission power solutions tailored for the off-grid generation market. The three-year agreement aims to set the stage for a comprehensive transformation in the construction sector’s approach to temporary power needs.
AFC Energy, a key player in hydrogen technology, will supply the hydrogen-powered generators to Speedy Hydrogen Solutions. The generators will then be offered for hire to construction professionals, providing an alternative to traditional diesel-powered options. The move aligns with the broader industry shift towards reducing carbon footprints and embracing cleaner energy alternatives.
Apart from the initial orders, AFC Energy stands to generate revenue through technical services, maintenance, and potential income from ancillary support and equipment provision. This multifaceted approach aims to not only offer innovative power solutions but also create a sustainable and economically viable business model.
Despite a slight dip in Speedy Hire shares, company leadership remains optimistic about the joint venture. Dan Evans, Speedy Hire’s CEO, views the collaboration as a key component of their strategy to achieve a net-zero business by 2040. Adam Bond, CEO of AFC Energy, expresses confidence in the venture’s potential to revolutionize off-grid power delivery in the construction sector, emphasizing the positive response received from contractors and industry events.