Getech Secured $2.15M of New Contracts

Source: www.gulfoilandgas.com 7/6/2022, Location: Europe

Getech, a provider of renewable hydrogen and geoenergy, has won new business worth $2.15 million. These include the selling of geoscience data as well as product upgrades and extensions for the Group's revolutionary Globe knowledge base, which simulates the earth's 400 million-year history.

The transactions include a $0.9 million multi-product sale to a global critical minerals company. This is Getech's largest contract to date in the critical minerals sector.

The products sold provide access to Getech's large and innovative portfolio of proprietary geoscience data. The Globe knowledge base synthesises this data into a 'digital twin' of the Earth - modelling geologic, climatic, and oceanographic systems to provide unique insight into the processes that locate and concentrate energy and critical mineral resources, which are essential to the delivery of a sustainable and secure energy transition.

Approximately 56% of these new sales are expected to translate to revenue in 2022. This places Getech on track with market expectations for double digit annual revenue growth. The balance drives Getech's orderbook, which is now at a record high, providing a strong foundation to deliver multi-year diversified growth.

Getech's Chief Executive Officer, Dr Jonathan Copus, commented:

"While companies and governments continue to expand their investment in new sources of energy and minerals, today's new sales announcement - and the record size of Getech's orderbook - provide further evidence of how demand for our products continues to grow in our target markets of transitional petroleum, critical minerals, storage, geothermal and hydrogen.

In addition to driving near-term revenue, we use our products and capabilities to help us establish strategic partnerships through which we are building our own portfolio of low carbon investments, with our first green hydrogen hub developments making good progress in Inverness and Shoreham.

Getech's products and our ambition to establish at least 500MW of geoenergy and green hydrogen assets by 2030, place us at the heart of the energy transition and are part of the solution to the world's energy security challenge. This positions Getech well to deliver a step change in shareholder value."


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