REG - GETECH Group plc - $2.15m of new contracts

GetechAnnouncement

06/07/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220706:nRSF4376Ra&default-theme=true

RNS Number : 4376R  GETECH Group plc  06 July 2022

6 July 2022

Getech Group plc

("Getech" or the "Company")

$2.15M of new contracts - underpinning revenue and driving orderbook to record
high

Getech, a geoenergy and green hydrogen company, has secured $2.15 million of
new contracts. These include geoscience data sales and product renewals and
extensions for the Group's ground-breaking Globe knowledge base, which models
the earth's evolution over the last 400 million years.

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."

 

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) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTEAFXSEDKAEAA