LONDON (Alliance News) - Industrial fuel-cell power company AFC Energy PLC on Tuesday said it has struck a deal with DNR Industries Ltd, part of Dubai-based project developer and investor Dutco Group, to fund and develop a business plan covering the large-scale deployment of fuel cells in the Middle East.
The plan will focus on developing a commercial strategy to deploy fuel cells in the region at a commercial level. Pending the outcome of these strategy talks, AFC said it anticipates the deal will result in the creation of a joint venture company between the two in the first half of 2016.
No financial details were disclosed.
"The potential to work in collaboration with a group with the regional stature as Dutco presents a significant opportunity to not only leverage highly complementary skills sets and characteristics of the two companies, but also create a sizeable business platform for the deployment of the AFC fuel cell on an unprecedented scale," said AFC Chief Executive Adam Bond.
Shares in AFC were up 2.7% to 33.50 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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AFC Energy (AFC)