TIDMAFC
RNS Number : 1883L
AFC Energy Plc
04 September 2023
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4 September 2023
AFC Energy PLC
("AFC Energy" or the "Company")
TAMGO to Distribute AFC Energy H-Power Fuel Cell Generators in
the Kingdom of Saudi Arabia and other MENA Markets
AFC Energy plc (AIM: AFC) ("AFC Energy"), a leading provider of
hydrogen powered generator technologies, is pleased to announce the
signing of an exclusive distribution agreement (the "Agreement")
with Saudi Arabia's The Machinery Group LLC, trading as TAMGO (
www.tamgo.com ).
TAMGO is an approved vendor to many of Saudi Arabia's mega and
large scale infrastructure and mining projects including NEOM, Red
Sea Global and Qiddiya. Under the Agreement, TAMGO will market and
sell or lease to end-customers AFC Energy's zero emission hydrogen
fueled H-Power Generators in the industrial and off-grid power
markets in the Kingdom of Saudi Arabia and a further 16 countries
in the MENA and surrounding region including, amongst others, the
United Arab Emirates, Qatar, Oman, Kuwait and Kazakhstan.
With a rental power market valued at USD1.6bn in 2020, and
projected to increase to USD3.2bn by the end of 2030 [1] , the
Saudi and Middle Eastern markets are a key part of AFC Energy's
growth strategy.
TAMGO's exclusive dealership rights in the region incorporate
AFC Energy's fuel cell technologies, including name plated
generators ranging from 10kW to 200kW. TAMGO will provide local
customer support with on the ground maintenance and servicing of
H-Power Generators along with engineering, design, commissioning
and logistics support direct to customers.
TAMGO is a group company of one of Saudi Arabia's leading
multi-nationals, the Zahid Group. The Zahid Group represents
international brands in the Construction Heavy Machinery,
Commercial Vehicles, Energy, Water, Oil & Gas, Manufacturing
and Facilities Management sectors in Saudi Arabia , in addition to
actively participating in a further seven other sectors in Saudi
Arabia, both regionally and internationally.
TAMGO currently represents international brands such as FG
Wilson, Ingersoll Rand, Doosan Portable Power and Kubota with
customers including Aramco and also Altaaqa Alternative Solutions
("Altaaqa"), another wholly owned Zahid Group company operating one
of the world's largest mobile power modules rental fleets.
The Agreement supercedes and builds on the initial Memorandum of
Understanding signed between Altaaqa and AFC Energy in April
2021.
AFC Energy, TAMGO and the Zahid Group have also agreed to assess
investment in local Saudi manufacturing and scale up capabilities
consistent with the "Saudi Made" https://saudimade.sa/en (MiS)
certification programme. The MiS programme was launched in March
2021 by Saudi Crown Prince HRH Mohammed bin Salman in line with the
Saudi Vision 2030, to encourage domestic production in the country.
Zahid Group provides manufacturing capabilities to a portfolio of
companies such as Volvo Trucks, Renault Trucks and UD Trucks with a
joint venture delivering locally assembled trucks to the Saudi and
surrounding markets.
Rami Elayan, Chief Executive, TAMGO, said:
"TAMGO is delighted to have been appointed as an exclusive
distributor for AFC Energy. This milestone signifies a continued
evolution of the collaboration initiated with AFC Energy back in
2021,and will enhance TAMGO's ability to provide
environmentally-friendly electricity solutions to its customers.
With this agreement, we are confident that our combined efforts
will establish a prominent presence in the Saudi Arabian and
broader regional markets for hydrogen fuel cell generators.
Zahid Group is fully aligned with the Kingdom's forward looking
vision, and across all our Group's companies we are acting on that
alignment with concrete actions."
Adam Bond, Chief Executive, AFC Energy, said:
"We are delighted that TAMGO will represent our leading H-Power
Generator platforms in the Saudi and neighbouring markets at a time
when sustainable, temporary power is forecast to materially
increase, consistent with national programmes such as Saudi
Arabia's sustainability commitments under the Kingdom's Vision
2030. We have been collaborating with TAMGO and the Zahid Group for
the past two years and believe this dealership agreement reflects
our common vision to become the largest dealer of hydrogen fuel
cell generators in the Saudi and MENA regions."
[1] Verified Market Research: Middle East, GCC and Saudi Arabia
Power Rental Market Size By Equipment (Generators, Transformers),
By Power Rating (Up to 50 KW, 51 KW - 500 KW), By End-User (Oil
& Gas, Construction, Manufacturing), By Geographic Scope And
Forecast; 2022
For further information, please contact:
AFC Energy plc +44 (0) 14 8327 6726
Adam Bond (Chief Executive Officer) investors@afcenergy.com
Peel Hunt LLP - Nominated Adviser and Joint
Broker
Richard Crichton / Tom Ballard / Georgia
Langoulant +44 (0) 207 418 8900
Zeus - Joint Broker
David Foreman / James Hornigold (Investment
Banking)
Dominic King (Corporate Broking) / Rupert
Woolfenden (Sales) +44 (0) 203 829 5000
FTI Consulting - Financial PR Advisors +44 (0) 203 727 1000
Ben Brewerton / Tilly Abraham / Dhruv Soni afcenergy@fticonsulting.com
About AFC Energy
AFC Energy plc is a leading provider of hydrogen energy
solutions, to provide clean electricity for on and off grid power
applications. The Company's fuel cell technology is now deployable
as electric vehicle chargers, off-grid decentralised power systems
for construction and temporary power with emerging opportunities
across maritime, data centres and rail as part of a portfolio
approach to the decarbonisation of society's growing
electrification needs.
About TAMGO
TAMGO; The Machinery Group LLC, is a Zahid Group company that
was established in 1991 as part of the Group's long-standing
commitment to supporting the Kingdom of Saudi Arabia's
infrastructural development. TAMGO provides local and regional
customers with a diverse range of best-in-class industrial
machinery products and services that fall within five categories:
Power Solutions, Construction Machinery, Air Compressors and
Compressed Air Solutions, Portable Solutions and Pumps.
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