AFC Energy takes "massive step" into MENA region with international distribution deal
September 04, 2023 at 09:54 am EDT
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AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond speaks to Thomas Warner from Proactive after the hydrogen fuel cell technology provider 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.
Bond explains that the deal has been in the making for three years and encompasses 17 countries in MENA region, positioning AFC Energy to become a prominent regional provider of fuel cell generators. He says that the Middle Eastern off-grid power market is projected to reach $2.6 billion by 2030, driven by the lack of grid coverage and the push for decarbonisation, especially in large projects like NEOM in Saudi Arabia.
Bond notes that AFC Energy is likely the first to strike such a deal with a partner of Tango's standing, and could lead to localised manufacturing and access to a significant customer base, including Saudi Aramco. Bond also highlights the company's recent progress in fuel cell and ammonia cracking technologies, with promising results and a growing order pipeline.
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Proactive UK Ltd
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AFC Energy plc is engaged in the development of fuel cell and fuel processing technology and equipment. The Company provides a flexible range of hydrogen fuel cells and hydrogen carrier fuel conversion technologies for organizations in need of affordable, flexible, clean off-grid power, such as those in construction, electric vehicle (EV) charging, shipping and data centers. Its technology products include H-Power Tower - S Series fuel cell inside and L Series fuel cell generator. Its technology products under development include H-Power Generator - S series fuel cell inside, H-Power Generator - S+ series fuel cell inside, Ammonia cracker - ammonia to hydrogen solution and Methanol Fuel Tower - methanol to hydrogen solution. It offers a range of optional support solutions to accompany its products. It develops fuel cells and related technologies for industrial applications. It focuses on sectors, including maritime, construction, data centers, outdoor events, EV charging and rail.