AFC Energy and TAMGO sign exclusive distribution agreement for Zero Emission H-Power Fuel Cell Generators to Saudi and MENA Markets

Vision to become the largest dealer of hydrogen fuel cell generators to the KSA and MENA industrial and off-grid power markets

LONDON, Sept. 4, 2023 /PRNewswire/ -- AFC Energy, a leading provider of hydrogen energy solutions, today announces that it has signed an exclusive distribution agreement with Saudi Arabia's The Machinery Group LLC, trading as TAMGO, to market and sell AFC Energy's zero emission hydrogen fuelled H-Power Generators into the significant Saudi Arabian industrial and off-grid power markets, and a further 16 surrounding countries.

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 with customers including ramco and Altaaqa Alternative Solutions, one of Saudi Arabia's leading power rental businesses.

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.

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This region's rental power market is already worth more than USD1.6bn and is projected to increase to USD3.2bn by the end of 2030. AFC Energy's technology provides clean electricity for on and off grid power applications and will aid the decarbonisation of society's growing electrification needs.

TAMGO will have exclusive rights in the region to AFC Energy's S Series (air-cooled) and S+ Series (liquid-cooled) fuel cell generators currently 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 (www.tamgoksa.com) is a Zahid Group company that was established in 1991 as part of the Group's long-standing commitment to support the Kingdom of Saudi Arabia's infrastructural development.

Adam Bond, Chief Executive, AFC Energy, said:

"We are delighted that TAMGO will represent our leading H-Power Generator platforms in the Saudi and neighboring markets at a time when sustainable, temporary power is forecast to materially increase consistent with national programs 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."

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."

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, 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. It represents international power generator brands such as FG Wilson, Doosan and Kubota with customers including Altaaqa Alternative Solutions, another wholly owned Zahid Group company and one of the region's largest plant hire businesses, with whom AFC signed an initial MoU in April 2021.

SOURCE AFC Energy PLC