AFC Energy plc, the industrial fuel cell power company, has signed a Heads of Agreement with DNR Industries Ltd., part of the Dubai-based investment and project developer Dutco Group of Companies (Dutco), to jointly fund and develop a business plan for the large-scale deployment of AFC’s fuel cells across the Middle East.
The business plan will focus on defining a commercial strategy for what is expected to be a significant commercial fuel cell deployment opportunity.
Pending the outcome of the business plan, the agreement is anticipated to result in the formation of a joint venture between the two companies to execute the plan, commencing in the first half of 2016.
The joint venture between AFC and Dutco is expected to cover the deployment of AFC’s fuel cell across the United Arab Emirates (UAE), Kingdom of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, Qatar and Kuwait.
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