REG - GETECH Group plc - H2 Green Project Selected for Government Grant

GetechAnnouncement

30/03/2023 08:00

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RNS Number : 6924U  GETECH Group plc  30 March 2023

30 March 2023

 

Getech Group plc

("Getech" or the "Company")

H2 Green's Hydrogen Hub Project Selected for £0.5m Government Grant

Getech (AIM: GTC), the geoenergy company and owner of hydrogen developer, H2
Green, is pleased to announce that H2 Green's leading Inverness Green Hydrogen
Project has been selected for a £0.5m UK Government grant from its Net Zero
Hydrogen Fund - Strand 1 Development Expenditure. The award follows on from
the UK Government's long-term commitment to the renewable energy sector in the
recent budget.

H2 Green is developing a major green hydrogen hub in central Inverness,
comprising green hydrogen production, storage and dispensing, and new onsite
renewable energy generation. It will initially provide green hydrogen directly
to key Scottish rail, bus, and HGVs transport customers, supporting their
decarbonisation strategies.

This is the first phase of H2 Green's cost-effective delivery of a green
energy Highlands network and will also have the capability to distribute
surplus hydrogen from the Inverness hub to a wider area.

The hydrogen facility will scale from 6 MW of alkaline electrolyser capacity
(equivalent to generate up to 2.5 tonnes of green hydrogen per day) to upwards
of 10 tonnes a day (equivalent to 24 MW) over time. The facility will be
powered by an array of renewable energy generation assets, comprising wind
and/or solar PV and backed by grid-connected renewable energy supply.

The grant will be used by H2 Green for development expenditure support for
front-end engineering design (FEED) and post-FEED studies for the green
hydrogen production facilities. H2 Green expects to immediately commence the
project and draw down the grant in 2023.

Richard Bennett, Getech Executive Chairman, commented:

"H2 Green has a clear vision to deliver a network of green hydrogen hubs
across the UK aligned to the UK Government's ambition to deliver 10GW hydrogen
production by 2030, with 5GW of that coming directly from green hydrogen. The
grant reflects the strength of the project and will fund the development of a
common design and engineering framework that will form the design base for the
roll-out of the portfolio of projects."

Dr Graham Cooley, H2 Green Chairman, commented:

"This grant award is a fantastic step by the UK Government to accelerate H2
Green's progress in Inverness and in its network of sites across the Scottish
Highlands.  It is testimony to the hard work of the H2 Green team who have
created a ground-breaking, exciting and practical project to decarbonise
transport and industry in and around Inverness and deliver economic impact
across the region."

For further information, please contact:

 

 Getech Group plc

 Irina Logutenkova, Head of Investor Relations      Tel:  0113 322 2200

 Cenkos Securities plc

 Neil McDonald / Pete Lynch (Corporate Finance)     Tel:  0207 397 8900

 Michael Johnson / Dale Bellis (Sales)

 Novella Communications                             Tel: 0203 151 7008
 Tim Robertson / Claire de Groot / Safia Colebrook
 getech@novella-comms.com

 

Notes to editors:

 

Getech Group plc (AIM: GTC) generates revenue by locating new energy and
mineral resources using its proprietary Earth digital twin. The Group works
for governments and companies who seek to decarbonise their operations. Getech
has expanded the use of data and technologies built for the petroleum industry
to critical minerals, geothermal, hydrogen, and carbon storage.

H2 Green Limited, a wholly owned subsidiary, that is a designer and developer
of Green Hydrogen Hubs in the UK. Each hub utilises renewable power to produce
large volumes of hydrogen that is uses to decarbonise transport and industrial
applications.

 

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

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