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Shares of Hydrogen Power company AFC Energy (LON: AFC) rallied after the company announced a non-binding Memorandum of Understanding (MoU) with Altaaqa Alternative Solutions Company Limited.
The MoU with Altaaqa, a wholly-owned member of the Zahid Group, intends to establish an exclusive dealership for the distribution of the AFC’s fuel cell systems in Saudi Arabia and the Middle East & North Africa regions via a strategic partnership.
Altaaqa owns and operates one of the world's largest rental fleets of mobile diesel power modules, with 2GW of capacity within its portfolio, aiming to complement its conventional diesel power modules offering sustainable, zero-emission alternatives for the Saudi Arabian and MENA region.
The two companies will work on establishing a partnership with the aim of Altaaqa being appointed AFC Energy's exclusive fuel cell system distributor in the region.
” Globally recognised as a partner of choice by many of the world's leading industrial and energy companies, Altaaqa has an enviable reputation in the provision of best-in-class mobile power systems and further consolidates AFC Energy's position as an emerging global provider of zero-emission power systems in advancement of the international transition to a Net Zero economy,” said Adam Bond, Chief Executive Officer at AFC Energy.
AFC Energy’s share price is trading at 67.9p, up 5.6% following the news.
AFC Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are AFC Energy shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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