PR88850

LONDON, April 6, 2021 /PRNewswire=KYODO JBN/ --

With the first round of the Extreme E Championship in Saudi Arabia as its

backdrop, Altaaqa and AFC Energy signed a Memorandum of Understanding (MoU)

that will bring together the two companies' extensive experience to support the

transition of the region's power generation industry to zero emission solutions

using AFC Energy's hydrogen fuel cell technology.

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Altaaqa is a Zahid Group company that has two decades of experience in

generating turnkey power and water solutions in the Kingdom of Saudi Arabia and

globally. Altaaqa owns and operates one of the world's largest mobile diesel

generator rental fleets, with a total capacity of 2 gigawatts (GW). The company

provides temporary and off-grid power solutions to oil & gas, power utilities,

mining, military, manufacturing, data centers, construction and government

services sectors.

AFC Energy is a UK based company that delivers scalable alkaline fuel cell

systems in order to provide clean electricity for on and off grid

applications.  The technology is already being deployed in electric vehicle

chargers and for off-grid decentralised power systems as part of a portfolio

approach to the decarbonisation of electricity needs.

The MoU forms the basis of a long term-partnership which will cover the region,

with the aim of gaining market leadership for reliable and safe,

"hydrogen-to-power" solutions for various industry segments and applications.

This agreement solidifies Altaaqa´s and Zahid Group's commitment to leading the

way in the transition to sustainable fuels by being a leading participant in

the development of the Kingdom's hydrogen economy and ecosystem.  This

commitment further aligns the Zahid Group's tireless efforts with the Kingdom's

Vision 2030 objective of reducing its reliance on fossil fuels. The agreement

comes shortly after His Royal Highness Crown Prince Muhammad Bin Salman Bin

Abdulaziz Al Saud unveiled the Saudi Green Initiative and the Green Middle East

Initiative that will significantly contribute to achieving global targets in

confronting climate change. The Saudi Green Initiative is targeting a 60%

reduction in the region's carbon emissions.

The signing ceremony also provided an opportunity to highlight the beneficial

role that sport can play in highlighting the global climate emergency.  The

agreement was signed at Extreme E's inaugural X Prix - the Desert X Prix - held

in AlUla, Saudi Arabia.  Extreme E has been designed to highlight the most

important climate issues of our generation and to showcase technologies that

can accelerate global decarbonisation efforts.

Mr. Majid T. Zahid, Group President – Energy at Zahid Group, commented:

"Today marks the beginning of a new partnership with AFC Energy, an industry

leader in delivering clean electricity. We are confident that together we will

be a significant player in our Kingdom's aim of becoming the world's leading

hub in the production of green hydrogen and ammonia.  

Zahid Group is fully aligned with our Kingdom's strategic vision for the future

and across all our Group's companies we are demonstrating our belief in it."

Adam Bond, Chief Executive Officer at AFC Energy plc, said:

"AFC Energy is delighted to be commencing our strategic partnership with

Altaaqa, a partner of choice to many of the world's leading industrial and

energy companies, as they look to support industry's transition to a Net Zero

economy in the Kingdom of Saudi Arabia and the wider Middle East.

"This agreement provides a clear path for the future deployment of our

products, directly supporting Altaaqa's position as a market leader and

providing a clear reference point for the rest of the region."

Alejandro Agag, Founder and CEO of Extreme E, added:

"I'm thrilled that AFC Energy and Altaaga have signed this agreement, here at

our first Extreme E X-Prix. As a sport, Extreme E aims to be a driving force in

highlighting sustainable ways to run events and our AFC Energy hydrogen fuel

cell is key to that. We are thrilled to see this exciting technology being

applied to wider world use that will have such positive effect in the industry."

Enquiries:

AFC Energy plc               FTI Consulting (Financial PR Advisors)

                       Sara Powell / Ben Brewerton

                       afcenergy@fticonsulting.com/+44 (0) 203 727 1000

Zahid Energy Group     Alexandra Roger-Machart

                       Head of Communications

                       alexandrarm@altaaqa.com / +49 172 397 0957

SOURCE Altaaqa and AFC Energy