Getech (GTC) , a geoenergy and subsurface data company, said it is expanding its services to geolocation of subsurface natural hydrogen deposits. The company said it combined knowledge of natural hydrogen's genetic systems with its proprietary data platform and machine learning products to deliver the expanded service.
Getech's approach categorises sources, migration paths, reservoir traps and seals, which are then integrated with its data tools, including the Globe digital platform, using computational modelling and AI machine learning to model the Earth's subsurface and identify "sweet spots" for developing natural hydrogen.
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Getech continues its expansion into renewable energy with the addition of natural (naturally occurring) hydrogen to its portfolio. Historically focused on locating oil and gas reserves, the subsurface data company has been expanding into new sources of energy and mineral resources to meet rising net zero demand. Its focus over the past 2 years has been on developing new solutions to target sediment-hosted copper, zinc-lead, lithium, and now natural hydrogen.
As a result, Getech's revenue coming from oil and gas has decreased from 90% to 66% in the past 2 years, with 23% now coming from renewables-focused solutions. The shift has resulted in significant growth - in its most recent final results for FY22, the company beat expectations with 19% revenue growth to £5.1m, a similar rate of growth to the 20% achieved in 2021.
Getech's orderbook also grew to a record £4.6m, a 39% increase year-on-year. Annualised recurring revenue was up 14% to £2.4m. The company remained well-funded with a comfortable £4.3m in cash/cash eq compared to its current market cap of £6.6m. Getech scored its largest critical minerals contract valued at £900k and its first contract for an integrated decarbonisation solution. During the period, Eavor and Getech partnered to develop a portfolio of geothermal projects in Latin America.
Natural hydrogen is anticipated to be a major future clean energy resource, and evidence suggests there are vast reserves of it beneath the Earth's surface. Getech is therefore betting on significant demand by explorers to utilise its expertise, especially given the company's already strong reputation in the sector. Getech further benefits from strong momentum well into FY23 with a robust balance sheet and a growing sales pipeline.
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