TIDMSDY
Speedy Hire PLC
04 July 2023
Speedy Hire Plc
("Speedy", "the Company" or "the Group")
4 July 2023
SPEEDY HIRE ANNOUNCES MULTIMILLION-POUND PARTNERSHIP WITH
NIFTYLIFT TO LAUNCH WORLD-FIRST HYDROGEN-ELECTRIC POWERED ACCESS
PLATFORM
-- Collaboration between two British companies brings a unique
and sustainable solution to UK Construction and related sectors
-- World's first hydrogen-electric powered, zero-carbon access
platforms to be manufactured and made available for hire in Milton
Keynes
-- Strategic investment accelerates construction sector net zero roadmap
-- Demonstration of early momentum with Speedy Hire's new strategy, Velocity
Speedy Hire Plc, the UK and Ireland's leading provider of tools,
specialist equipment and services, announces a partnership with
leading global mobile elevating work platform manufacturer
Niftylift to design, manufacture and bring to market the world's
first hydrogen-electric powered access platform.
The two British companies have developed the zero-emission
platform and agreed a three-year partnership worth GBP9m in the
first year, that will see Niftylift manufacture and supply the
zero-emission lifts at its Milton Keynes facility exclusively to
Speedy Hire , alongside an additional fleet of Niftylift hybrid
powered access platforms .
The pioneering technology was developed as a joint initiative
between Speedy Hire and Niftylift, providing a solution for the
construction, infrastructure, and related sectors on the journey
towards net zero, whilst also being commercially sustainable. T he
world's first hydrogen-electric powered access platform will roll
off the production line at Niftylift and be delivered to Speedy
Hire's Innovation Centre in Milton Keynes during July.
UK construction sector under pressure to reduce emissions
UK construction firms increasingly require sustainable products
and services that drive down carbon and reduce waste, supporting
their commitments to achieving net zero.
The sector has been mandated to lower carbon emissions by the
Government, with a recent House of Commons Committee report
'Building to net zero: costing carbon in construction' estimating
that 25 per cent of the UK's total greenhouse gas emissions are
attributable to the built environment from every stage of the
construction and use cycle. The report concludes that "emissions
from the built environment must be reduced if the UK is to meet net
zero by 2050".
The shift to lower-emission construction equipment is becoming
an increasingly core component of winning work through the tender
processes for major UK construction and infrastructure projects, as
Tier 1 contractors demand low and zero-emission solutions to meet
their Scope 3 carbon targets relating to their supply chains. This
emphasis on sustainability in bidding has also led to the
development of green procurement policies, which prioritise the
selection of eco-friendly materials and approaches when selecting
suppliers. Additionally, some bids now require a sustainability
report detailing how the proposed project will reduce environmental
impacts and provide social value.
Speedy Hire leading the hire sector in helping the UK
construction sector go green - new Velocity strategy in action
Last year Speedy Hire actively procured more sustainable assets
into its hire fleet including those with solar, hybrid, electric
and hydrogen technology. During its last financial year, the
company invested GBP52.1m in its hire fleet, of which 51% was on
sustainable equipment. It has a target to ensure that such 'eco'
products account for 70% of its itemised equipment fleet by
2027.
44% of Speedy Hire's itemised hire range are now sustainable eco
products, and during the last financial year, the Company continued
to extend this range of products. Speedy Hire also reports that 53%
of its revenue was generated from eco products, reflecting
increased demand from customers for Speedy Hire's sustainable
solutions and the Company's commitment to reducing carbon
emissions.
The exclusive partnership with Niftylift provides an insight
into Speedy Hire's Velocity business strategy, where the company
has pledged to continuously innovate and collaborate with the value
chain, to deliver sustainable specialist products and solutions for
customers to meet their carbon reduction targets.
Dan Evans, Chief Executive at Speedy Hire, commented:
" We have a strong history of leading the market in combining
product innovation and sustainability, and our collaboration with
Niftylift is yet another example of that. This world-first
technology is a game changer for UK construction companies,
enabling them to start using equipment powered by a zero-emission
fuel such as hydrogen.
Our investment into this partnership with Niftylift enables us
to accelerate the sustainable and technological evolution of the
sectors we operate in and supports our ambitious plan to become a
net zero business by 2040, ten years ahead of the government
target."
Our sustainable growth strategy, Velocity, sets out a clear
direction for the business to deliver long term benefits to our
customers, our people and our investors, and the development and
partnership with Nifylift to introduce this hydrogen-electric
technology to the market is a strong example of Velocity in
action."
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Dan Evans, Chief Executive
Paul Rayner, Chief Financial Officer
MHP Tel: 0203 128 8147
Oliver Hughes
Notes to editors:
-- The hydrogen-electric powered access platform is the first
viable alternative to diesel-powered equipment, especially during
the early-stages on construction sites where electric
infrastructure is virtually non-existent. The hydrogen-electric
powered access platform can be operated for up to five days on a
single charge, with additional range available from the hydrogen
fuel cell, emitting zero carbon into the atmosphere without
compromising on reliability.
-- The hydrogen-electric powered access platform s are fitted
with a G20 hydrogen cylinder and fuel cell technology.
-- The hydrogen-electric powered access platform also has many
other benefits: quiet operation reducing noise pollution; highly
efficient, with longer operating times and quicker refuelling times
than traditional diesel-powered platforms; low weight,
significantly reducing transport costs and fuel; ability for indoor
use; the lowest floor loadings and ground pressures in the
industry; on site power infrastructure is not needed for charging
batteries.
-- Powered access platforms are a type of aerial work platform
that are critical for the construction industry as it enables
horizontal and vertical reach for essential work to be completed on
construction projects in hard-to-reach areas.
About Speedy Hire
Speedy Hire is the UK's leading provider of tools, equipment,
and plant hire services to a wide range of customers in the
construction, infrastructure, and industrial markets, as well as to
the local trade and consumers. It operates from c.180 sites across
the UK and Ireland including a number of concessions within B&Q
stores.
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July 04, 2023 02:00 ET (06:00 GMT)
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