AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond speaks to Thomas Warner from Proactive after the hydrogen fuel cell technology provider signed an exclusive distribution deal for Saudi Arabia with The Machinery Group (TAMGO), an approved supplier to many of the country’s infrastructure and mining projects.
Through the agreement, TAMGO will market and sell or lease to end-customers AFC Energy's zero-emission hydrogen-fueled H-Power Generators in the kingdom and a further 16 countries in the MENA (Middle East North Africa) region.
Bond explains that the deal has been in the making for three years and encompasses 17 countries in MENA region, positioning AFC Energy to become a prominent regional provider of fuel cell generators. He says that the Middle Eastern off-grid power market is projected to reach $2.6 billion by 2030, driven by the lack of grid coverage and the push for decarbonisation, especially in large projects like NEOM in Saudi Arabia.
Bond notes that AFC Energy is likely the first to strike such a deal with a partner of Tango's standing, and could lead to localised manufacturing and access to a significant customer base, including Saudi Aramco. Bond also highlights the company's recent progress in fuel cell and ammonia cracking technologies, with promising results and a growing order pipeline.
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