Altaaqa and AFC Energy to develop zero-emission, hydrogen power generation solutions in Saudi Arabia and the wider Middle East
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
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