AFC Energy PLC and Speedy Hire PLC on Friday announced the launch of a hydrogen powered generator plant hire business.

Shares in AFC Energy jumped by 24% at 18.19 pence each in London on Friday morning, while Speedy Hire’s rose by 1.1% at 37.15p each.

AFC is a Surrey, England-based provider of hydrogen-powered generator technologies, and Speedy Hire is a Merseyside, England-based tool and equipment hire services firm.

The two companies have proposed the launch of a 50:50 joint venture dedicated to the hire of hydrogen powered generator plants.

The JV will then purchase 30 kilowatt H-power generators from AFC for around £2 million

Speedy Hire Chief Executive Officer said: ‘As a leader in product innovation and sustainability across the sectors we serve, we are pleased to announce our proposed collaboration with hydrogen experts AFC Energy to deliver scalable, modular zero emission power generators to the UK market and further deliver on our ambitious targets in our Velocity sustainable growth strategy.’

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