The technology provider Getech (GTC ) announced that it has secured new contract wins for its geoscience data and energy software products worth a combined value of c. £1.2 million.
As a business, Getech helps countries and companies to manage their natural resources and energy infrastructure to assist in the delivery of an energy transition to a NetZero economy.
The group uses geoscience and geospatial technology and data to locate sustainable energy resources, de-risk and optimise their development, and foster long-term economic production.
Specifically, the Company’s customers use these products on subsurface projects - including oil and gas, strategic minerals, geothermal, green hydrogen and carbon capture and storage.
The newest contracts unveiled today, which include annual and multi-year licences with new and existing customers, are expected to add to Getech’s recurring revenue and orderbook.
Getech’s CEO, Dr Jonathan Copus, said: “We are delighted by these contract wins and that our data and energy software products are continuing to demonstrate strong demand.”
He highlighted that Getech is in “the vanguard of the energy transition” and that as a result, the company is continuing to invest in its foundation product offering “to deliver new tools and content that promote their use across an array of energy transition sectors.” “As the pace of progress to NetZero accelerates, we see an opportunity to deliver significant growth,” he said.
Getech is developing its first green hydrogen projects in Inverness and Shoreham, targeting decarbonization of the commercial transport sector across multiple green hydrogen hubs.
In November 2021, Getech’s wholly owned subsidiary, H2 Green, signed a deal with Shoreham Port to develop a renewable energy hub removing emissions from its fleet of trucks and HGVs. In December 2021, it then signed a binding agreement with SGN Commercial Services to develop a major green hydrogen facility on its former gas holder site in Inverness.
Shares in Getech were trading 8.46% higher during late morning trading at 29.5p.
In January 2021, SGN and H2 Green signed a memorandum of understanding to explore the establishment of hydrogen supply hubs across England and Scotland. From an initial review list of 21 SGN sites, the parties have selected Inverness as the first asset to develop.
The parties now move into a two-year period (extendable to three years) during which SGN will remove the gas holder, H2 Green will lead the project including detailed engineering design, and the parties will advance the relevant consents, permits and licences, it noted.
Getech has also agreed with SGN to progress three further UK sites to an advanced stage of evaluation as they discuss adding several, recently identified sites to the joint review list.
The Company explained to investors that the new green hydrogen hub is to be developed in Inverness with a capacity which is expected to scale to 8 tonnes of hydrogen per day.
Due to Inverness’s location, climate and topography, hydrogen presents a natural path for decarbonisation in the Inverness area and the Scottish Highlands, the Group highlighted.
The site is situated between the city’s rail depot and industrial area, ‘providing green hydrogen directly to large volume anchor customers, including rail, bus and heavy goods vehicles.’
SGN will now prepare the Inverness site for development by removing the existing gas holder. The Company said this is planned to occur in 2Q22. Land value has also been agreed at this point and priced at pre-development market cost that is payable in cash or project equity.
With the UK commercial fleet fuel demand, which in 2019 totalled £12 billion, set to fully decarbonise by 2050, Getech is focused on building its own portfolio of low-carbon assets.
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