Getech Grp Share News (GTC)

(Sharecast News) - Geoscience and geospatial technology company Getech Group announced on Wednesday that its hydrogen production subsidiary H2 Green has entered into a non-binding strategic agreement with Element Two, to supply "green" hydrogen to Element Two's refuelling stations.
The AIM-traded firm described Element Two as a UK-based developer of hydrogen refuelling stations and a retailer of hydrogen fuel, which was investing in "prime locations" in the north of England, Scotland and Ireland, with plans to deploy more than 800 pumps onto the UK network by 2027, and 2,000 by 2030.

H2 Green, meanwhile, is Getech's developer of regional hydrogen hubs, working with multiple land asset owners across "hundreds" of UK locations to assess their suitability to become city hydrogen hubs.

Getech said H2 Green was currently progressing a focus list of priority hubs, where it would develop and operate green hydrogen production, storage, and distribution.

The board said the agreement provided a path by which Element Two and H2 Green could align their production and distribution strategies across their land portfolios, with the objective being to accelerate the creation of the UK's first hydrogen network.

Element Two and H2 Green had agreed mutual options to co-locate their respective hydrogen refuelling stations and production and storage assets.

Under the agreement, the parties committed to a 12-month negotiation framework, with the aim to agree and progress a joint asset development roadmap, 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 Getech chief executive officer Jonathan Copus.

"H2 Green and Element Two 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 H2 Green's position in hydrogen generation and storage and Getech's state of the art location analytics, with significant data gathered by Element Two on fuel customer habits."

Copus said such a "data-led" approach would enable both companies to "high-grade and expand" their land asset portfolios, with discussions on the location of a demonstration project that would be a "testbed" for a programme of national collaboration already underway.

"These steps are important as we believe they 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."

At 1445 BST, shares in Getech Group were up 16.31% at 27.45p.