Trowers & Hamlins is advising AIM-listed AFC Energy plc, a leading provider of hydrogen powered generator technologies, on its initiative with Speedy Hire Plc, the UK’s leading tools and equipment hire services company, to launch a dedicated hydrogen powered generator plant hire business.
The collaboration, which follows the successful launch of AFC Energy’s H-Power Generators last year, will provide a platform for the supply of AFC Energy’s sustainable, zero emission temporary power solutions to the UK construction and temporary power market. Speedy and AFC Energy intend to form a 50:50 joint venture to deliver this and Trowers & Hamlins are pleased to be advising AFC Energy on this matter.
The proposed deal comes as the construction industry looks for ways to reduce its carbon and other emissions output. A recent report by consultancy Deloitte and energy firm Shell highlighted that the industry accounts for more than 16% of global CO2 emissions. It also noted that equipment used in construction will be one of the first parts of the industry to decarbonise. On-site diesel generators are a widely used on construction sites to provide the off-grid power essential to run on-site equipment and welfare facilities, however they have extremely high carbon monoxide and particulate outputs. The use of AFC Energy's hydrogen fuel cell technology has the potential to significantly reduce those outputs.
Trowers partner, Adrian Jones, commented:
"We are pleased to be advising AFC Energy on this matter. The collaboration with Speedy will provide a platform for construction companies to try AFC Energy's zero emission power technology and help with the industry wide push to decarbonise. This collaboration is one of a number of projects that our commercial team are working on for clients who are bringing products and services to market with the potential to drive positive change."
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