Getech wins three contracts to locate natural hydrogen for clients

(Alliance News) - Getech Group PLC on Monday said it has scored three separate contract wins related to the exploration of natural hydrogen.

Shares in the Leeds, England-based geo-energy and green hydrogen location company were down 6.1% to 8.50 pence each in London early Monday.

Getech said all three contracts are aimed at locating natural hydrogen resources for commercial development. They include a strategic joint venture exploration agreement with a new customer and two additional contracts with existing exploration clients.

Combined, the three transactions are expected to generate GBP390,000 of revenue over three years, with "additional potential upside".

The joint exploration agreement is with an unnamed "major" European-headquartered industrial and energy company. It aims to locate and develop economic natural hydrogen accumulations.

The two additional contracts are with existing exploration clients to screen for natural hydrogen and hydrogen-storage projects in Eastern Europe and the US.

Chief Executive Richard Bennett commented: "These transactions build on a good start to the current financial year and of course, further expand our expertise in helping our customers seek out natural hydrogen. We are also delighted to have signed another equity joint venture agreement with a leading energy company, supporting its search for this new but potentially game changing resource and sharing in the upside, if we are successful."

By Sophie Rose, Alliance News senior reporter

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