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Pin to quick picksAFC Energy Share News (AFC)

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Share Price: 16.86
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AFC Energy inks deal to supply fuel cells to Niftylift

Mon, 20th May 2024 14:44

(Sharecast News) - Hydrogen power generation technology developer AFC Energy announced an agreement to supply its S Series fuel cell modules to Niftylift UK on Monday.

The AIM-traded firm said the collaboration would integrate the modules into Niftylift's next-generation mobile elevating work platforms (MEWPs).

It said Niftylift, one of Europe's largest MEWP manufacturers, sells its products globally, with the agreement involving AFC Energy designing and selling S Series fuel cell modules specifically packaged for Niftylift, based on its next-generation architecture, with deliveries expected in early 2025.

Niftylift would incorporate the modules into its hydrogen-electric (H2E) platforms and explore scaling the fuel cells for larger MEWPs.

The firm said there was significant market potential for Niftylift's zero-emission H2E series in Europe, the United States, and the Middle East.

In the UK, Niftylift would supply its H2E platforms exclusively to Speedy Hire.

"Decarbonisation of industry through the displacement of diesel is a clear strategic focus for AFC Energy," said chief executive officer Adam Bond.

"We are excited to be working with Niftylift in further enhancing their H2E powered access offering with zero emission fuel cell modules.

"The agreement builds on our H-Power Generator offering by opening new opportunities for system integration with heavy plant and equipment."

Bond said combining the volume of fuel cell modules deployed in H-Power Generators with new partners such as Niftylift would build on the economies of scale available through the company's supply chain, driving down costs to end users.

"We look forward to working closely with Niftylift on this exciting new partnership."

At 1423 BST, shares in AFC Energy were up 4.26% at 21.27p.

Reporting by Josh White for Sharecast.com.

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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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