AFC gives positive update on Speedy power JV

AFC Energy said its joint venture with Speedy Hire - Speedy Hydrogen Solutions (SHS) – to rent fuel cell gensets was getting a “very positive” reception from customers. AFC’s full year revenues of approximately £4 million were largely driven by sales to SHS.

In a market update for its full year to the end of October, AFC said the SHS venture was now running an initial fleet of fuel cell generators, which SHS was also linking with Speedy’s battery energy storage systems (BESS).

An AFC Energy fuel cell genset in the colours of rental partner Speedy Hydogen Solutions, (Photo: AFC Energy)

“Reception by customers has been very positive”, said AFC, “and we have worked closely with the Speedy teams, site management personnel, bid leads, and health and safety teams to deliver fully managed solutions into real-world applications and to deliver the levels of service that customers expect from Speedy.”

It said it had a pipeline of opportunities mainly with large construction and infrastructure companies; “While the initial deployment of generators has been into trial or training environments to build experience and the full value proposition, we are now progressing to live use applications with several leading construction companies.”

It said combining its fuel cell units with BESS technology, as well as other renewable sources, would offer hybrid power systems that improve fuel efficiency and eliminate carbon emissions.

“Early client engagement has indicated that there could be increased opportunity through expanding the role of SHS to address broader customer needs using hybrid power systems”, said AFC, “We also have received customer interest in having both rental and purchase options, as well as possible ‘try and buy’ approaches.”

AFC confirmed the first sale of a fuel cell genset and BESS system to TAMGO, its Saudi Arabia based distribution partner for the Saudi and Middle East and North African markets.

In addition the genset and BESS system supplied to Spanish contractor Acciona on a pre-purchase trial is “performing well and on trial completion Acciona has the option to extend or purchase”.

Gary Bullard, AFC’s chief executive, said; “2024 has been a landmark year for AFC Energy. Our performance reflects the solid progress we have made in expanding our reach and capabilities.

“The recent expansion of our manufacturing capacity has enabled us to meet growing demand, including the delivery of an initial fleet of generators for our joint venture with Speedy Hire.

“This achievement, alongside advancements in our ammonia cracking technology within the new Hyamtec Division, underscores our commitment to driving decarbonisation across diverse industries.”