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NASBP and SFAA Host Successful 2024 Legislative “Fly-In”

SFAA

The National Association of Surety Bond Producers (NASBP) and The Surety & Fidelity Association of America (SFAA) hosted a Legislative Fly-In on February 29, 2024. The Fly-In enabled surety professionals from across the country to educate members of Congress and staff about the value of construction surety bonds and advocate for their legislative priorities. Their meetings focused on expanding support for H.R. 1740 and S.2928, which would strengthen the Water Infrastructure Finance and Innovation Act (WIFIA) program by ensuring all projects financed with WIFIA assistance have appropriate bonding, regardless of delivery method. In addition, Fly-In participants discussed adding common-sense surety protection in the form of bonding requirements to the principal federal funding programs for broadband infrastructure projects. The meetings allowed NASBP and SFAA members to demonstrate their strong support for H.R. 1740 and S.2928, clarifying the bonding requirements under WIFIA, including Public-Private Partnership (P3) projects. “This legislation ensures the economic value that surety bonds provide through reduced contractor pricing, reduced default rates, and increased project performance are realized and would maintain parity with the Transportation Infrastructure Finance and Innovation Act (TIFIA) amendment, which passed the Senate with a unanimous 97-0 vote,” said Patrick Russell SFAA Director of Government Affairs. Mark McCallum, NASBP CEO, stated, “WIFIA is a key financing vehicle for undertaking the water infrastructure projects so badly needed throughout the United States, and making certain that U.S. taxpayer investments in the form of WIFIA loans and grants are protected through performance and payment bond guarantees is vital to realizing that these long overdue projects will be completed and that those supplying labor and materials will be paid.” NASBP and SFAA members also discussed the need for Congress to safeguard federal infrastructure investments in broadband projects. The Infrastructure Investment & Jobs Act (IIJA) allocated $42.5 billion to broadband expansion through the National Telecommunications and Information Administration’s (NTIA) Broadband Equity, Access, and Deployment (BEAD) Program. Originally calling for a Letter of Credit, NTIA recently released a waiver to the BEAD program, allowing surety as an alternative security option. NASBP and SFAA members used their time on Capitol Hill to update policymakers on the critical shift and inform them of the need for other federal agencies involved in broadband infrastructure, including programs administered by the U.S. Department of Agriculture and the FCC, to adopt similar practices. In over 100 meetings, construction bonding experts met with their elected representatives and their staff to educate them on surety bonds' significant role in advancing and protecting public infrastructure projects. These vital safeguards on construction projects for public entities include protecting taxpayers’ dollars, ensuring project completion, protecting local small business contractors and workers, preserving construction jobs, and promoting economic growth. A recent study by Ernst & Young (EY), The Economic Benefits of Surety Bonds, quantifies these vital protections and concludes bonded projects outperform unbonded projects because of lower default rates, cost and time savings, and other risk mitigation benefits. SFAA Contact: Peter Roth, Co-Managing Director (Interim) Vice President – Communications, Marketing & Research Phone: (703) 401-0676 | E-mail: proth@surety.org NASBP Contact: Kathy Hoffman, Director of Communications Phone: (240) 200-1278 | E-mail: khoffman@nasbp.org ### The Surety & Fidelity Association of America (SFAA) is a trade association of more than 425 insurance companies that write 98 percent of surety and fidelity bonds in the U.S. SFAA is licensed as a rating or advisory organization in all states. State insurance departments have designated it as a statistical agent for reporting fidelity and surety experience. www.surety.org Founded in 1942, the National Association of Surety Bond Producers (NASBP) is the association of and resource for surety bond producers and allied professionals. NASBP members specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds. www.nasbp.org The Surety & Fidelity Association of America (SFAA) is a nonprofit, nonpartisan trade association representing all segments of the surety and fidelity industry. Based in Washington, D.C., SFAA works to promote the value of surety and fidelity bonding by proactively advocating on behalf of its members and stakeholders. The association’s more than 425 member companies write 98 percent of surety and fidelity bonds in the U.S. For more information visit www.surety.org. Contact Details Peter Roth +1 703-401-0676 proth@surety.org Company Website https://surety.org/

March 04, 2024 11:55 AM Eastern Standard Time

NAFA Announces Brian Fielkow as Keynote Speaker for 2024 Institute & Expo

NAFA Fleet Management Association

NAFA Fleet Management Association (NAFA) proudly unveils Brian Fielkow, safety expert and leader, as a keynote speaker for the upcoming NAFA 2024 Institute & Expo. The event, renowned as the premier gathering of fleet and mobility professionals, will take place from April 22-24 in San Antonio, TX. Brian is an esteemed leader in safety-sensitive industries, and brings over thirty years of executive leadership experience, particularly in transportation and logistics, to the I&E stage. As the Executive Vice President of Risk Resources at Acrisure, Brian provides strategic guidance to select companies, drawing from his distinguished career dedicated to fostering robust safety cultures. His expertise has earned him accolades such as the Distinguished Service to Safety Award from the National Safety Council. “NAFA is thrilled to welcome Brian Fielkow as a keynote speaker for our 2024 Institute & Expo,” said Bill Schankel, CAE, CEO of NAFA. “Brian’s wealth of experience in safety-sensitive industries and his commitment to cultivating safety cultures align perfectly with NAFA’s mission. His session promises to equip attendees with actionable strategies to enhance safety and drive success within their organizations.” During his keynote address, titled "The Roadmap to Fleet Safety," Brian will share invaluable insights into cultivating a safety-driven environment within organizations. Attendees can expect to gain practical tools and concepts to instill a behavior-based culture of safety, enhancing accountability and operational excellence. Brian’s session will delve into key topics such as distinguishing safety as a core value, the pivotal role of leadership in driving safety initiatives, and strategies for inclusive engagement across all levels of an organization. Attendees will also learn about deploying metrics, breaking down silos and fostering a "just culture" that prioritizes prevention. I&E attracts thousands of fleet professionals from a variety of fields, including corporate, government, public safety, utility, education and more. The three-day conference offers a blend of education, impactful conversations, networking opportunities, and products and services from the industry’s leading suppliers. More information about the I&E schedule can be found here. Prospective exhibitors are encouraged to secure their space early to ensure prime placement in the I&E Expo Hall. For more information about reserving an exhibit booth, please visit NAFA’s website. Sponsorship opportunities can be secured here. This year’s current sponsors include Bestpass Inc., FASTER Asset Solutions, Geotab, Holman, Legend Fleet Solutions, Merchants Fleet, Motive, Samsara, Shell Fleet Solutions, Stellantis, U.S. Bank Voyager, WEX and Wheels, Inc. NAFA Fleet Management Association is the membership organization for professionals who manage the mobility requirements of vehicle fleets that include commercial, public safety, trucks, and buses of all types and sizes, and a wide range of military and off-road equipment for corporations, governments, universities, utility fleets, and law enforcement in North America and across the globe. NAFA’s members are responsible for the specification, acquisition, maintenance, repair, fueling, risk management, and remarketing of more than 4.8 million vehicles that drive an estimated 84 billion miles each year. NAFA’s members control assets and services well above $122 billion each year. For more information, please visit www.nafa.org, and communicate with NAFA on LinkedIn, Facebook, and X. Contact Details Keaveny Hewitt +1 919-622-5276 khewitt@onwrdupwrd.com Company Website https://www.nafa.org/

March 01, 2024 02:00 PM Eastern Standard Time

Ocean Power Technologies secure key deal for WAM-V Unmanned surface vehicles

Ocean Power Technologies Inc

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to share exciting news about the company's success. Ocean Power Technologies has received multiple orders for fully integrated WAM-V Unmanned Surface Vehicles, totaling over $1.25 million. This significant achievement underscores the growing demand for OPT's advanced marine technologies and their applications in various fields such as maritime surveillance, environmental monitoring, and ocean data collection. The WAM-V USV represents the cutting edge of maritime innovation, offering superior performance in diverse ocean conditions. Its versatility and reliability make it an ideal choice for a wide range of marine applications, from data collection to security surveillance and environmental monitoring. Stratmann highlighted that the recent commercial orders have come from clients in Latin America, demonstrating the broad capabilities and applications of the WAM-V USVs. OPT's commitment to delivering customizable and scalable solutions has positioned the company as a preferred partner in the industry. Overall, this success reflects Ocean Power Technologies' dedication to providing innovative solutions that meet the evolving needs of the marine industry, and it marks an exciting milestone in the company's journey towards continued growth and impact in the field of marine technology. Contact Details Proactive North America Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

February 28, 2024 05:30 AM Eastern Standard Time

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ASTRO America joins Government of Guam and US Navy for Announcement of ‘Project Plan’ for 3D Printing Center on Guam

ASTRO America

The Applied Science & Technology Research Organization of America ( ASTRO America ) joined Governor Lourdes A. Leon Guerrero of Guam and U.S. Navy Rear Admiral Scott Pappano, Program Executive Officer, Strategic Submarines (PEO SSBN) at a joint meeting last week, where they announced a project plan for building an additive manufacturing (AM) technology and workforce education center on Guam. This project is the culmination of efforts, spearheaded by the Governor over two years ago, to bring industrial additive manufacturing (or 3D Printing) to the island in order to diversify and expand Guam’s economy. She and her administration commissioned a study by ASTRO America, a manufacturing policy think-tank, to evaluate the feasibility of bringing such technology to Guam. A strong advocate for modernizing submarine production and addressing material readiness challenges through advanced technology, Rear Adm. Pappano and his team became natural partners, especially as they implement and scale innovative solutions to modernize America’s submarine industrial base. The new center is envisioned to serve a dual mission of: 1) Advancing national security by giving the submarine industrial base abilities to print components on-demand at the point-of-need. 2) Supporting economic development in Guam, forming a workforce skilled in key science, technology, engineering, and mathematics (STEM) careers, while also building out a new industry sector on-island, capable of delivering complex ship components. “Our announcement marks an historic inflection point for both the Government of Guam and the United States Submarine Industrial Base,” said ASTRO America President Neal Orringer (former Department of Defense Director of Manufacturing). “Working together, we will build an innovative and resilient technology base. Not only will we train a new generation of advanced manufacturing engineers, and operators but we will ensure the Navy’s access to critical capabilities for prototyping, producing, and validating key parts, components, and materials through advanced manufacturing and 3D printing capability.” The project plan discussed by Governor Leon Guerrero and Rear Adm. Pappano involves three key phases to develop and sustain submarine industrial base capabilities in the Indo-Pacific. PHASE 0: Structure and Business Plan. This phase, announced earlier this year, includes designing an advanced manufacturing technology and education center on Guam, with plans to procure, position, and operate industrial equipment on the island. A satellite campus at the University of Guam will be comprised of several partners that are mainland U.S.-based universities with leading industrial manufacturing higher education programs. This concept will include strategies for the campus’ long-term training, operation, and sustainment. Additionally, details for building capabilities on-site for part-production and test/evaluation will be developed, in concert with leading submarine industrial base and government officials to ensure supply can meet demand in Guam. PHASE 1: Staging and Transition. Based on the plans and concepts established in Phase 0, while the Government of Guam is constructing a permanent facility, the team will procure equipment and position technology appropriately within shipping container modules to establish initial capability, and determine optimal factory equipment and large-scale testing configuration for qualification of advanced shipbuilding tools and components. The campus will be operational, enrolling students with appropriate support staff and technology integration. Additionally, use-cases will demonstrate effectiveness of the team’s short- and long-term approach to part prototyping and validation. PHASE 2: Deployment and Operational Launch. In the next stage, modules with 3D production and advanced inspection equipment will be positioned and transitioned for implementation on Guam. Coursework will be underway for students in Guam for on-island credentialed higher education, as well as prototyping and testing/evaluation of naval ship production parts to support the submarine supply chain. Each of these phases will be carried out in close coordination with and direction from another leading defense nonprofit organization, BlueForge Alliance (BFA), which serves as project integrator for the submarine industrial base’s broad-based initiatives across every region of the United States. At the meeting, Governor Leon Guerrero and Rear Adm. Pappano affirmed their joint commitment to this project plan, including support from the Guam Economic Development Authority and University of Guam in establishing a facility and investments by BFA on behalf of the Navy to advance common goals, including enabling the future tri-lateral AUKUS partnership. The project’s success will be measured by the team’s efforts to catalyze growth of a specialized advanced manufacturing workforce, as well as necessary capabilities to produce parts that will meet growing national security needs for the submarine industrial base. “I am pleased to join Rear Admiral Pappano in developing this project plan, informed by the input of public and private entities across the island of Guam,” said Governor Leon Guerrero. “This plan will create new job opportunities for Guam while contributing to America’s national security interests. It’s a win-win.” “The Navy is excited to be working with the Government of Guam and the great team at ASTRO on this vital mission to further the national imperative for advanced manufacturing capability and the workforce to execute those requirements in a strategic location that directly benefits our ships and submarines,” said Rear Adm. Pappano. ASTRO will continue to manage this effort, with support from both the U.S. Navy and the Government of Guam. The project is expected to be informed by Phase I of the feasibility study completed for the Guam Economic Development Authority last year, as well as the second report being completed with the Guam Bureau of Statistics and Plans. That forthcoming report is focused on developing an implementation plan to establish an ecosystem tailored to distinct advanced manufacturing and AM requirements, as well as the unique economic and geo-political conditions on Guam. Both agencies will play roles in the new project that advances both economic and security needs through AM development on the island. For more information on this project, click here. The Applied Science and Technology Research Organization of America (ASTRO America) is a 501(c)(3) not-for-profit, non-partisan Research Institute and Think Tank. It was established in 2018 to advance the public interest through manufacturing technology and policy. Led by manufacturing professionals with broad public and private sector experience, ASTRO America supports collaborations by government agencies and companies to address supply chain challenges in highly regulated industries, including aerospace and defense. Find out more: https://www.astroa.org/ Contact Details Elizabeth Heaton +1 202-445-9858 elizabeth@astroa.org Company Website https://www.astroa.org

February 27, 2024 12:42 PM Eastern Standard Time

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NAFA Announces 2024 Board of Directors

NAFA Fleet Management Association

NAFA Fleet Management Association (NAFA), the vehicle fleet industry’s largest membership association, proudly announces its new 2024 Board of Directors, led by Mike Camnetar, CAFM, Fleet Services Manager for General Mills Inc. NAFA’s Board of Directors comprises professionals from many sectors and enterprises, including technology firms, urban municipalities, foodservice enterprises, healthcare entities and more. “As we dive into the heart of our bylaws and strategic plan this year, it's clear that we're charting a course towards a stronger, more cohesive NAFA,” said Mike Camnetar, CAFM, NAFA Board President. “By embracing inclusivity in our governance and refining our strategic focus, we're not only enhancing the association's vitality but also fostering a more vibrant community for our members. This year's Board of Directors, with its diverse expertise and unwavering commitment, stands ready to spearhead this transformative journey, ensuring that every decision made reflects our dedication to advancing NAFA's mission and serving the needs of our esteemed members.” The following individuals serving on NAFA’s 13-member 2024 Board of Directors: President: Mike Camnetar, CAFM Fleet Services Manager for General Mills Inc. Senior Vice President: Maria Neve Vice President - eFMC Services for Inspiration Mobility Vice President: Kevin Fisher, CAFM Fleet Professional Secretary/Treasurer: Beth Cooley, CAFM Director for the Commonwealth of Virginia Office of Fleet Management Immediate Past President: Raymond Brisby, CAFM Manager of EMS Fleet Operations for Alberta Health Services Sara Burnam, CAFM, Member Director of Fleet Management for Palm Beach County, FL Fleet Management Al Curtis, Member Fleet Director for Cobb County, GA Fleet Management David Hayward, CAFM, Member Global Fleet Manager for ABM Industries Amy McAdams, CAFM, Member Fleet Manager for Climate Pros William McCarty, Member Chief Operating Officer for Illinois Central Management Services Bob Mossing, Member Manager of Fleet Support and Operations for The Davey Tree Expert Company Alexis Reece, CAFM, Member Fleet Analyst for Ferguson Enterprises Steven Saltzgiver, CAFS, Member Director of Strategic Innovation for RTA Fleet Management Software NAFA is pleased to welcome these expert fleet professionals and skilled individuals to the 2024 Board of Directors. Their dedication to the fleet and mobility world inspires innovation, creates progress and truly keeps the industry moving. For more information on NAFA, visit: https://www.nafa.org/ NAFA Fleet Management Association is the membership organization for professionals who manage the mobility requirements of vehicle fleets that include commercial, public safety, trucks, and buses of all types and sizes; and a wide range of military and off-road equipment for corporations, governments, universities, utility fleets, and law enforcement in North America and across the globe. NAFA’s members are responsible for the specification, acquisition, maintenance, repair, fueling, risk management, and remarketing of more than 4.8 million vehicles that drive an estimated 84 billion miles each year. NAFA’s members control assets and services well above $122 billion each year. For more information, please visit www.nafa.org, and communicate with NAFA on LinkedIn, Facebook, and Twitter. Contact Details Keaveny Hewitt +1 919-622-5276 khewitt@onwrdupwrd.com Company Website https://www.nafa.org/

February 21, 2024 02:00 PM Eastern Standard Time

Stifel North Atlantic and ASTRO America Announce a First-of-its-Kind Private Equity Fund Under New DOD-SBA Initiative

ASTRO America

Small Business Administrator Isabel Guzman and National Economic Council Director Lael Brainard announced at a White House event last Wednesday that the partnership between Stifel North Atlantic (NYSE: SF) and ASTRO America is the first recipient of a “Green Light” to raise private capital for an SBIC Critical Technologies (“SBICCT”) fund. Officially called the AM Forward Critical Technologies SBIC, the Fund is actively fundraising and moving forward with the final SBA licensing process. The SBA-DoD SBICCT initiative is the first program under a historic SBA-DoD collaboration, launched by Secretary of Defense Lloyd Austin and SBA Administrator Guzman in December 2022. By pairing private capital with SBA administered leverage, the initiative will support private sector investment in US national security-vital component-level technologies and production processes. The structure will achieve the important mission of bolstering U.S. national security and the Defense Industrial Base without reliance on deficit funding, while supporting American small businesses. “This new Fund is important to both our national security and American competitiveness,” said ASTRO co-founder and President, Neal Orringer. “Not only will it provide essential financial support to small and medium-sized manufacturers, but it will help modernize key supply chains, helping accelerate adoption of technologies such as metal 3D printing that are increasingly important to America’s defense and aerospace industries.” He continued, “We are grateful for the DoD and SBA’s leadership in developing innovative approaches for catalyzing the injection of private capital into critical defense supply chains, at no cost to the taxpayer.” ASTRO America leads the White House’s AM Forward initiative, which includes a compact between the Administration and seven iconic American lead system integrators. The AM Forward member companies identified access to capital as a key barrier to eliminating bottlenecks, modernizing and increasing resiliency within their supply chains, particularly in metal castings and forgings. In early 2023, ASTRO selected Stifel North Atlantic as the financial partner to manage the SBIC Fund based on Stifel’s rich history of support for small and middle market companies and extensive experience managing SBIC Funds. ASTRO will lead the Fund’s Technical Advisory Board. “We are deeply committed to both our unique partnership in the SBICCT fund as well as with the SBA more broadly,” shared Victor Nesi, Stifel Financial Co-President. “The SBA has made remarkable progress in developing innovative ways to reach out, support and nurture the small business ecosystem that is so foundational to our organization. We are also grateful for the thought leadership provided to this project by key AM Forward member Lockheed Martin (NYSE: LMT).” Mike Nitka, Managing Director at Stifel North Atlantic offered, “This fund is a rare opportunity to mix purpose and passion. We are advancing the adoption of mission-ready production technology for the US aerospace and defense supply chain while supporting the journey of emerging US small businesses. Through this revolutionary partnership with the SBA, DoD, ASTRO America, and our anchor investors, we have the opportunity to create jobs and build US manufacturing capacity. I applaud all involved as this is a truly unique non-partisan approach to solving for a universal American need – national security.” During the event, in addition to key Biden-Harris Administration officials from the White House, SBA and DoD, Stifel and ASTRO executives also met with leading investors from the financial industry and executives from major aerospace and defense companies. With committed strategic and financial investors, Stifel North Atlantic and ASTRO expect to complete the final phase of the SBICCT licensing process and execute a first closing on the Fund in the coming months. After the initial closing, the Fund will begin actively investing in small business manufacturers to help strengthen the U.S. aerospace and defense supply chains. The White House readout of the event can be read here and the SBA overview of the event can be read here. More information on the SBA-DoD SBICCT initiative can be found here. The Applied Science and Technology Research Organization of America (ASTRO America) is a 501(c)(3) not-for-profit, non-partisan Research Institute and Think Tank. It was established in 2018 to advance the public interest through manufacturing technology and policy. Led by manufacturing professionals with broad public and private sector experience, ASTRO America supports collaborations by government agencies and companies to address supply chain challenges in highly regulated industries, including aerospace and defense. Find out more: https://www.astroa.org/ Established in 1890, with headquarters in St. Louis, Missouri, Stifel is a full-service financial services firm with a distinguished history of providing securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, institutions, corporations, and municipalities. Contact Details Elizabeth Heaton +1 202-445-9858 elizabeth@astroa.org Company Website https://www.astroa.org

February 21, 2024 07:00 AM Eastern Standard Time

Technology Minerals' Recyclus unveils 'milestone' lithium-ion EV battery recycling partnership

Technology Minerals PLC

Technology Minerals PLC chairman Robin Brundle joined Proactive's Stephen Gunnion with details of a milestone partnership between subsidiary Recyclus Group and Sureservice Autocentres, marking a crucial step in their commitment to safe storage, logistics, and the recycling of EV batteries. The collaboration leverages Recyclus' Wolverhampton facility for the end-of-life processing of lithium-ion batteries, ensuring they are not improperly stored or discarded. The deal with Slicker Recycling enhances its capability to collect hazardous waste from the automotive sector across the UK, utilising over 100 vehicles and nine depots, facilitating around 25,000 collections annually. This system supports the safe and timely collection of materials from both independent and franchise dealer networks. Brundle highlighted the dangers associated with the improper storage of EV batteries, citing recent incidents of fires in dealerships and during transport, underscoring the need for secure transportation solutions like its custom-designed LiBoxes. The process upon the batteries' arrival at the Wolverhampton facility involves thorough inspection, and processing of all five battery chemistries without water or landfill waste, and aims to achieve a sustainable circular economy. Technology Minerals is also exploring ways to separate black mass to retain critical raw materials within the UK, indicating a broader vision for sustainable resource management. Brundle revealed that additional partnerships are in negotiation, promising more updates on their progress. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

February 20, 2024 09:21 AM Eastern Standard Time

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FuelRod Installs Swappable Charger Kiosks at Union Station in DC

Fuel Rod

FuelRod, a leading provider of portable power solutions, today announced the installation of their innovative swappable charger kiosks at Union Station in Washington, DC. FuelRod’s patented two-way exchange mobile charging program will help to keep travelers connected as they pass through the station, and act as the latest addition to their growing network of kiosks both within DC and Nationwide. FuelRod’s installation at Washington Union Station—their second within an Amtrak-serving hub, following a 2023 installation at Los Angeles Union Station—will provide city residents and long-distance travelers alike with portable, environmentally friendly power within the railway station. Visitors will now be able to purchase a FuelRod charging kit or swap an empty charger for a fresh, fully charged replacement at the kiosks to be installed. Washington Union Station is the latest FuelRod location to join an already established network throughout the nation’s capital city. Examples of existing stations in DC include the Walter E Washington Convention Center, Entertainment and Sports Arena, Washington Dulles International Airport, Baltimore/Washington International Thurgood Marshall Airport (BWI), and Six Flags America. “We are extremely proud of the expansion of our FuelRod mobile charging program into Union Station, Washington DC. We have a strong commitment to the traveling public and are focused on continued growth in transportation hubs across the United States,” said COO Joe Yeagley regarding this newest deployment in the nation’s capital. “Staying connected in today’s fast-paced world is more essential than ever, and people on the go should have convenient access to mobile charging regardless of where they happen to be.” The company’s presence in Washington, in turn, is part of a nationwide effort by FuelRod toward a network that people can rely on to stay powered and connected wherever they go. About FuelRod FuelRod is a California-based portable power solutions company and developer of the FuelRod kit—the first reusable, portable charging system that allows you to charge your mobile device on the go, and then recharge or swap for a fresh one. With a growing network of kiosks nationwide, FuelRod can keep your devices powered virtually anywhere you go. Learn more at www.fuel-rod.com. Contact Details Claudio Frescas +1 423-914-9647 claudio@fuel-rod.com Company Website https://www.fuel-rod.com/

February 20, 2024 09:00 AM Eastern Standard Time

AFC Energy makes progress with Speedy Hire JV; receives first commercial order

AFC Energy PLC

AFC Energy PLC (AIM:AFC, OTC:AFGYF) CEO Adam Bond tells Proactive's Stephen Gunnion that good progress has been made with its Speedy Hydrogen Solutions (SHS) joint venture with Speedy Hire. Bond said the collaboration has led to the company receiving its first commercial order valued at approximately £2 million for fuel cell generators. The company has successfully completed factory acceptance testing for 12 fuel cell stacks and is in the final stages of testing the generator as a whole. This process is critical to meeting contractual obligations with Speedy Hire. Additionally, he said AFC Energy has seen significant market interest, hosting tier-one construction groups, including a visit from Balfour Beatty, and engaging in discussions about potential projects. Internationally, AFC Energy has attracted attention, particularly from the Middle East, continuing to work with Saudi Arabian company Tamgo under an exclusive dealership agreement. Bond also discussed funding awarded under the Clean Maritime Demonstration Competition, earmarked for integrating its ammonia cracker technology with combustion engines in maritime applications. This novel approach aims to support the maritime industry's transition to cleaner energy sources. The company is working towards a feasibility study to demonstrate the integration of its ammonia cracker with a combustion engine, anticipated to conclude by year-end. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

February 20, 2024 06:56 AM Eastern Standard Time

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