REG - GETECH Group plc - $1.1m Contract Sale & Release of Globe 2022

GetechAnnouncement

04/08/2022 07:15

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RNS Number : 8530U  GETECH Group plc  04 August 2022

4 August 2022

 

Getech Group plc

("Getech" or the "Company")

 

$1.1 Million Contract Sale and Release of Next Generation of Globe Platform

 

Getech, the geoenergy and green hydrogen company, has signed a $1.1 million
multi-year contract with a major international energy company for its 'Globe'
platform and launched the next generation of this innovative tool that models
the Earth's evolution over the last 400 million years.

The new Globe sale demonstrates the continued strong demand for Getech's
products. Approximately one third of this revenue will be recognised in the
current financial year, with the balance over the subsequent two-year period.
Alongside other recent contract wins, this gives additional visibility into
the longer-term sales growth of the business.

Release of Globe 2022

Globe synthesises geoscience 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.

The upgraded Globe 2022 has new content and functionality to deliver even more
value for customers across transitional petroleum, critical minerals,
geothermal and Carbon Capture and Storage (CCS) markets.  Featuring a new
dynamic plate model and innovative approach to understanding sediment supply
which are key to locating critical minerals, the platform also determines
optimal CCS and geothermal locations to support global decarbonisation.

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

"We are encouraged by the continued strong demand we see for our products,
delivering growth in revenue generation, but also importantly providing a
strong base from which we can further explore strategic partnerships and
opportunities to expand Getech's own portfolio of low carbon assets.

The success of the global energy transition is reliant on a diverse range of
solutions facilitated by the rapid development and application of technology
and a significant increase in critical minerals supply. Getech's Globe
platform provides an excellent example of our ability to combine decades of
experience and innovation with leading geoscience data to meet mounting market
demand. Thanks to its fundamental role in de-risking natural resource
exploration projects, Globe is optimally placed to accelerate the pathway to
net zero."

 

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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