RCS - GETECH Group plc - Carbon Capture and Storage software and analytics

GetechAnnouncement

12/07/2022 07:00

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RNS Number : 0917S  GETECH Group plc  12 July 2022

12 July 2022

Getech Group plc

("Getech" or the "Company")

Getech provides Carbon Capture and Storage software and analytics for UK's
first North Sea licensing round

Getech, a geoenergy and green hydrogen company, is contracted to deploy its
proprietary geospatial software and subsurface expertise to support the UK's
first carbon storage licensing round.

Working with the North Sea Transition Authority (NSTA), the UK's oil, gas and
carbon storage regulator, Getech has used its Exploration Analyst software
product to leverage NSTA's in-house data to create strategic maps that the
NSTA is using to define optimal areas for CO(2) storage.

The NSTA recently announced the UK's first carbon storage licensing round,
inviting bids on 13 high graded areas that have the potential to make a
significant contribution to the UK Government's aim of storing 20-30 million
tonnes of CO2 by 2030.

 

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

"Getech is working to accelerate the energy transition by assisting companies
and governments in their delivery of sustainable and secure decarbonisation.
We do this by deploying our unique geoscience data and proprietary geospatial
software to help locate and manage low carbon developments.

NSTA's use of Exploration Analyst to map and promote an integrated
'emissions-to-storage' value chain in and around the UK North Sea showcases
another exciting application of products that we originally developed for
petroleum customers, and which we are now establishing as essential tools in
geothermal energy, critical minerals, carbon storage and green hydrogen.

Placing the demand for our carbon storage offering in a global context, c.130
new commercial-scale CO(2) capture projects were announced in 2021, with the
International Energy Agency forecasting that the capital spending could exceed
US$40bn by 2024 (from US$1.8bn in 2021). The world however must locate and
develop a further 700 carbon storage projects at this scale by 2030 to stay on
track for the IEA's 2050 Net Zero Emission Scenario.

In step with the rapidly expanding energy transition markets, we look forward
to scaling the deployment of our products, which we are also using to locate,
develop and operate our own project investments."

 

For further information, please contact:

 

 Getech Group plc                                  Tel:  0113 322 2200

 Dr Jonathan Copus, Chief Executive

 Cenkos Securities plc

 Neil McDonald / Pete Lynch (Corporate Finance)

 Michael Johnson / Dale Bellis (Sales)             Tel:  0207 397 8900

 Camarco                                           Tel: 020 3781 8331

 James Crothers / Toby Strong / Charles Dingwall

 

 

 

Notes to editors:

 

Getech Group plc(AIM: GTC) applies its world-leading geoscience data and
unique geospatial software products to accelerate the energy transition by
locating, developing and operating geoenergy and green hydrogen projects.

For further information, please visit www.getech.com (http://www.getech.com) .

 

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