AFC Energy PLC
("AFC Energy" or the "Company")
AFC Energy Agrees MOU To Advance Exclusive Saudi Distributorship with Altaaqa Alternative Solutions
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce the signing of a non-binding Memorandum of Understanding ("MoU") with Altaaqa Alternative Solutions Company Limited ("Altaaqa"), a wholly owned member of the Zahid Group, with the intention of establishing an exclusive dealership for the distribution of the Company's fuel cell systems in Saudi Arabia and the Middle East & North Africa ("MENA") regions via a strategic partnership.
Highlights
· Altaaqa owns and operates one of the world's largest rental fleets of mobile diesel power modules, with 2GW of capacity within its portfolio.
· Altaaqa is aiming to complement its conventional diesel power modules offering with sustainable, zero emission alternatives for the Saudi Arabian and MENA regions.
· AFC Energy and Altaaqa are committing to establish a strategic partnership with the aim of Altaaqa being appointed AFC Energy's exclusive fuel cell system distributor in the region.
· The initial focus of the partnership would be on the Kingdom of Saudi Arabia, with the potential for growth into the MENA market.
· Sustainable, temporary power in Saudi Arabia is expected to materially increase with national programmes promoting Saudi Arabia's sustainability commitments under the Kingdom's Vision 2030 and the recently announced Saudi Green Initiative and the Green Middle East Initiative.
· The dealership would give AFC Energy access to the emerging Saudi power market, already forecast to be one of the world's largest producers of green hydrogen. |