RCS - GETECH Group plc - Senior appointment in geothermal

GetechAnnouncement

13/10/2022 07:00

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RNS Number : 7186C  GETECH Group plc  13 October 2022

13 October 2022

 

Getech Group plc

("Getech" or the "Company")

Getech strengthens its position in geothermal with senior appointment

 

Getech, the geoenergy and green hydrogen company, is continuing to grow its
decarbonisation capabilities with the appointment of Laurent Le Mée into the
new role of Director of Business Development for Geothermal.

 

Based in Paris, with decades of international subsurface experience, Mr Le
Mée will support Getech's ambition to establish over 500MW of new geoenergy
and green hydrogen assets by 2030, recognising the significant potential of
geothermal as a highly reliable source of renewable energy.

 

Getech's data and products, such as Heat Seeker™, are used to identify
prospective commercial geothermal opportunities and reduce their development
costs, thereby increasing profit margins and value. Leveraging these
platforms, expertise and strategic partnerships, Getech is also working to
establish its own portfolio of geothermal development projects.

 

Getech CEO, Dr Jonathan Copus, commented:

"We are very pleased to welcome Laurent to our business development team,
where his focus will be to drive Getech's growth in the exciting and rapidly
expanding geothermal sector.

 

Geothermal's widespread availability, and its capacity to deliver both
baseload and dispatchable energy, makes it a powerful tool for global
decarbonisation. Investment in geothermal is forecast to grow by more than
160% between 2020 and 2030 1 , and the European Commission estimates that 25%
of Europe's population could cost-effectively deploy geothermal heating and
c.10% of Europe's power could come from geothermal plants 2 .

 

Getech is well positioned to capitalise on this exciting potential and, to
drive growth, we are investing in our geothermal team in Europe and beyond. By
leveraging our industry-leading geoscience data, proprietary geospatial
software and energy expertise, we are working to accelerate the expansion of
geothermal energy, a secure and sustainable energy source.

 

We also believe that the geothermal industry will become a key player in the
production of lithium - through mineral extraction from geothermal fluids. By
combining our geothermal and critical mineral expertise, we are using Getech
data and software to identify optimal locations for combined geothermal energy
and lithium production. This highlights our role in the diverse range of
geoenergy solutions required to drive the energy transition, which places
Getech in a unique and strong position to unlock transformational value."

 

Mr Le Mée has a PhD in geochemistry and began his career as a geology
professor before transitioning into oil and gas. He worked for several
international oil and gas companies in upstream roles over 15 years and gained
a further diploma in geothermal, from the Institut Polytechnique de Paris.

 

Mr Le Mée said:

"The potential for geothermal energy is hugely undervalued. It is accessible
everywhere in the world and can be an ideal baseload energy source. Getech has
built a formidable reputation in this field with solutions that are helping to
locate the best sites for geothermal development and I'm looking forward to
working with the business to realise this potential for the low carbon energy
mix."

 

 

ENDS

 

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: 0203 757 4991

 Tom Huddart / 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) .

 

 1  Rystad Energy

 2  https://setis.ec.europa.eu/implementing-actions/deep-geothermal_en
(https://setis.ec.europa.eu/implementing-actions/deep-geothermal_en)

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