Getech (GTC ), a geoenergy and green hydrogen company, said it has completed the first step in developing its Inverness green hydrogen hub.
Getech said phase one of the project involved the deconstruction of Inverness' former gas holder, paving the way to convert a legacy natural gas holder site into a future green hydrogen storage and distribution facility.
Working together with SGN Commercial Services, Getech wants to develop a multi-hub green hydrogen network, with Inverness at its core.
Getech intends for the Inverness hub to kickstart the decarbonisation of rail across the Scottish Highlands by providing a facility specifically designed to service hydrogen train fleets in the centre of the Scottish Highlands.
Jonathan Copus, Getech CEO, commented:
"The completion of demolition of the SGN gas holder site demonstrates tangible progress in our hydrogen operations in Inverness and forms part of a range of broader strategic initiatives being undertaken by Getech to achieve the production, storage and supply of green hydrogen - supporting our ambition to establish at least 500MW of new geoenergy and green hydrogen assets by 2030. Hydrogen has a critical role to play in the clean energy transition and we continue work closely with stakeholders, including The Highland Council, to establish a network of green hydrogen hubs across the Scottish Highlands."
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Getech's hydrogen project in Inverness and its planned broader hydrogen network development for the Scottish Highlands, have significant upside potential as vital infrastructure to help Scotland achieve its net zero goal by 2045.
Scotland has ample renewable resources and has already implemented several initiatives to decarbonise transport, including a growing hydrogen bus fleet in Aberdeen and the H100 Fife project in Levenmouth that will be delivering green hydrogen to 300 customers next year. Scotland's regulatory and political landscape has been favourable to pioneering decarbonisation initiatives.
In September, Getech announced in an interim update an 11% increase in revenue to £2.7m and a 118% increase in orderbook value to £4.8m year-on-year. The £32m company has strong visibility in revenue generation, with £1.5m of its orderbook expected to convert in 2H22, and another £1.6m in FY23.
With a robust cash position of £4.3m on 30 June 2022 (plus £2.4m of receivables invoiced post-period), growing orderbook value, and an ambitious development schedule, Getech is so far set to reach its goal of establishing 500MW of green hydrogen assets in the UK by 2030.
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