Getech Group (GTC ) said its subsidiary in the green hydrogen production sector, H2 Green, has entered into a strategic agreement for the company to supply hydrogen.
H2 Green develops regional hydrogen hubs and works with multiple land asset owners, across hundreds of UK locations to assess their suitability to become city hydrogen hubs.
Green is currently progressing a focus-list of priority hubs across the UK, where it will develop and operate green hydrogen production, storage, and distribution.
Getech, which utilises earth science and geospatial skills aimed at accelerating the path to global net-zero, said H2 Green has entered into the non-binding agreement with Element Two, a UK-based developer of Hydrogen Refuelling Stations and a retailer of hydrogen fuel.
Element Two is investing in prime locations in the North of England, Scotland, and Ireland, with plans to deploy over 800 pumps onto the UK network by 2027 and 2000 by 2030.
Getech said the strategic agreement provides a path by which Element Two and H2 Green can align their production and distribution strategies across their respective land portfolios - the objective being to accelerate the creation of the UK's first hydrogen network.
Under the agreement, Element Two and H2 Green have agreed mutual options to co-locate their respective hydrogen refuelling stations and hydrogen production and storage assets.
Shares in Getech have more than doubled in value since the beginning of 2021. The stock was trading 26.69% higher this morning at 29.9p following the news of the agreement.
The parties have committed to a 12-month negotiation framework, with the aim to: agree and progress a joint asset development road map; build an initial demonstration project; and negotiate and conclude a binding long-term co-development and off-take contract.
"Green hydrogen will play a key role in the decarbonisation of commercial transportation, and the development of green hydrogen hubs will be a crucial component of our cities' plans to decarbonise and meet their net zero targets,” said Jonathan Copus, CEO of Getech.
H2 Green and Element 2 are united by a common vision that places the customer at the heart of the hydrogen commercial transport market. To align our production and distribution strategies, the groups plan to combine H2Green's position in hydrogen generation and storage and Getech's state of the art location analytics, with significant data gathered by Element 2 on fuel customer habits.
Copus explained to investors that this “data-led approach will enable both groups to high-grade and expand their land asset portfolios and we are already discussing the location of a demonstration project that will be a testbed for a programme of national collaboration.”
He said the group believes these steps “have the potential to accelerate the creation of the first UK-wide hydrogen network, which supports the UK government in the implementation of its energy transition objectives of decarbonisation and green job creation."
"It is vital to the success of our business model that we partner with reliable and competitive producers of green hydrogen; we are therefore delighted to partner with H2Green to produce green hydrogen for our ambitious roll out of 2,000 hydrogen refuelling stations by 2030,” commented Dirk Van Daele, Chairman of Element Two.
Follow News & Updates from Getech Group here: