Getech Group PLC - Leeds-based geoscience and geospatial products firm - Notes the signing of exclusive strategic partnerships involving H2 Green Ltd and SGN Group, focused on advancing a network of UK hydrogen hubs. The partnership agreement signed between Getech and H2 Green is focused on creating a large-scale hydrogen generation, storage and refuelling hubs network in the UK that will support both public and commercial transport fleets. Getech Chair Stuart Paton has been appointed chair of H2 Green, while Getech Chief Executive Jonathan Copus has been appointed as a H2 Green non-executive director. The partnership includes an exclusive option for Getech to buy H2 Green for an up to GBP1 million total consideration.
The H2 Green-Getech deal has been advanced by the signing of a memorandum of understanding between H2 Green and SGN Commercial Services, part of UK gas network operator SGN Group. This memorandum focuses on regenerating and redeveloping SGN's extensive land portfolio in order to "create green hydrogen hubs to facilitate hydrogen generation, storage and retail for buses and HGVs".
Copus says: "The opportunities for our skills and technologies to generate revenue whilst supporting the decarbonisation of the transport sector are significant. Getech's option to purchase H2 Green is illustrative of the ambition, scope and materiality of the Group's zero-carbon business development activities. This option provides Getech shareholders with a potential path to capturing transformative asset value, and this is a commercial model that Getech is exploring in other areas of its energy transition work."
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By Anna Farley; annafarley@alliancenews.com
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Getech Grp (GTC)