Speedy Hire Regulatory News (SDY)

Speedy Hire Plc

("Speedy", "the Company" or "the Group")

4 July 2023

SPEEDY HIRE ANNOUNCES MULTIMILLION-POUND PARTNERSHIP WITH NIFTYLIFT TO LAUNCH WORLD-FIRST HYDROGEN-ELECTRIC POWERED ACCESS PLATFORM

· Collaboration between two British companies brings a unique and sustainable solution to UK Construction and related sectors

· World's first hydrogen-electric powered, zero-carbon access platforms to be manufactured and made available for hire in Milton Keynes

· Strategic investment accelerates construction sector net zero roadmap

· Demonstration of early momentum with Speedy Hire's new strategy, Velocity

Speedy Hire Plc, the UK and Ireland's leading provider of tools, specialist equipment and services, announces a partnership with leading global mobile elevating work platform manufacturer Niftylift to design, manufacture and bring to market the world's first hydrogen-electric powered access platform.

The two British companies have developed the zero-emission platform and agreed a three-year partnership worth £9m in the first year, that will see Niftylift manufacture and supply the zero-emission lifts at its Milton Keynes facility exclusively to Speedy Hire, alongside an additional fleet of Niftylift hybrid powered access platforms.

The pioneering technology was developed as a joint initiative between Speedy Hire and Niftylift, providing a solution for the construction, infrastructure, and related sectors on the journey towards net zero, whilst also being commercially sustainable. The world's first hydrogen-electric powered access platform will roll off the production line at Niftylift and be delivered to Speedy Hire's Innovation Centre in Milton Keynes during July.

UK construction sector under pressure to reduce emissions

UK construction firms increasingly require sustainable products and services that drive down carbon and reduce waste, supporting their commitments to achieving net zero.

The sector has been mandated to lower carbon emissions by the Government, with a recent House of Commons Committee report 'Building to net zero: costing carbon in construction' estimating that 25 per cent of the UK's total greenhouse gas emissions are attributable to the built environment from every stage of the construction and use cycle. The report concludes that "emissions from the built environment must be reduced if the UK is to meet net zero by 2050". 

The shift to lower-emission construction equipment is becoming an increasingly core component of winning work through the tender processes for major UK construction and infrastructure projects, as Tier 1 contractors demand low and zero-emission solutions to meet their Scope 3 carbon targets relating to their supply chains. This emphasis on sustainability in bidding has also led to the development of green procurement policies, which prioritise the selection of eco-friendly materials and approaches when selecting suppliers. Additionally, some bids now require a sustainability report detailing how the proposed project will reduce environmental impacts and provide social value.

Speedy Hire leading the hire sector in helping the UK construction sector go green - new Velocity strategy in action

Last year Speedy Hire actively procured more sustainable assets into its hire fleet including those with solar, hybrid, electric and hydrogen technology. During its last financial year, the company invested £52.1m in its hire fleet, of which 51% was on sustainable equipment. It has a target to ensure that such 'eco' products account for 70% of its itemised equipment fleet by 2027.

44% of Speedy Hire's itemised hire range are now sustainable eco products, and during the last financial year, the Company continued to extend this range of products. Speedy Hire also reports that 53% of its revenue was generated from eco products, reflecting increased demand from customers for Speedy Hire's sustainable solutions and the Company's commitment to reducing carbon emissions.

The exclusive partnership with Niftylift provides an insight into Speedy Hire's Velocity business strategy, where the company has pledged to continuously innovate and collaborate with the value chain, to deliver sustainable specialist products and solutions for customers to meet their carbon reduction targets.

Dan Evans, Chief Executive at Speedy Hire, commented:

"We have a strong history of leading the market in combining product innovation and sustainability, and our collaboration with Niftylift is yet another example of that. This world-first technology is a game changer for UK construction companies, enabling them to start using equipment powered by a zero-emission fuel such as hydrogen.

Our investment into this partnership with Niftylift enables us to accelerate the sustainable and technological evolution of the sectors we operate in and supports our ambitious plan to become a net zero business by 2040, ten years ahead of the government target."

Our sustainable growth strategy, Velocity, sets out a clear direction for the business to deliver long term benefits to our customers, our people and our investors, and the development and partnership with Nifylift to introduce this hydrogen-electric technology to the market is a strong example of Velocity in action."

Enquiries:

Speedy Hire Plc Tel: 01942 720 000

Dan Evans, Chief Executive

Paul Rayner, Chief Financial Officer

MHP Tel: 0203 128 8147

Oliver Hughes

Notes to editors:

· The hydrogen-electric powered access platform is the first viable alternative to diesel-powered equipment, especially during the early-stages on construction sites where electric infrastructure is virtually non-existent. The hydrogen-electric powered access platform can be operated for up to five days on a single charge, with additional range available from the hydrogen fuel cell, emitting zero carbon into the atmosphere without compromising on reliability. 

· The hydrogen-electric powered access platforms are fitted with a G20 hydrogen cylinder and fuel cell technology.

· The hydrogen-electric powered access platform also has many other benefits: quiet operation reducing noise pollution; highly efficient, with longer operating times and quicker refuelling times than traditional diesel-powered platforms; low weight, significantly reducing transport costs and fuel; ability for indoor use; the lowest floor loadings and ground pressures in the industry; on site power infrastructure is not needed for charging batteries.

· Powered access platforms are a type of aerial work platform that are critical for the construction industry as it enables horizontal and vertical reach for essential work to be completed on construction projects in hard-to-reach areas.

About Speedy Hire 

Speedy Hire is the UK's leading provider of tools, equipment, and plant hire services to a wide range of customers in the construction, infrastructure, and industrial markets, as well as to the local trade and consumers. It operates from c.180 sites across the UK and Ireland including a number of concessions within B&Q stores.