TIDMGTC
RNS Number : 5405X
GETECH Group plc
05 May 2021
5 May 2021
Getech Group plc
("Getech" or the "Company")
H2 Green: Strategic Agreement for the supply of hydrogen
Getech Group plc (AIM:GTC), who is using its earth science and
geospatial skills to accelerate the path to global net-zero, is
pleased to announce that H2 Green Ltd ("H2Green"), the Group's
subsidiary in the green hydrogen production sector, has entered
into a non-binding strategic agreement with Element Two Limited
("Element Two"), the aim of which is to supply green hydrogen to
their refuelling stations.
Background and the Agreement:
Element Two is a UK-based developer of Hydrogen Refuelling
Stations and a retailer of hydrogen fuel. The firm is investing in
prime locations in the North of England, Scotland, and Ireland,
with plans to deploy over 800 pumps onto the UK network by 2027 and
2000 by 2030.
H2 Green is a developer of regional hydrogen hubs and is working
with multiple land asset owners, across hundreds of locations in
the UK, to assess their suitability to become city hydrogen hubs.
H2 Green is currently progressing a focus-list of priority hubs,
where it will develop and operate green hydrogen production,
storage, and distribution.
This strategic agreement provides a path by which Element Two
and H2 Green can align their production and distribution strategies
across their respective land portfolios - the objective being to
accelerate the creation of the UK's first hydrogen network.
Element Two and H2 Green have agreed mutual options to co-locate
their respective hydrogen refuelling stations and hydrogen
production and storage assets.
Pursuant to the strategic agreement, the parties have committed
to a 12-month negotiation framework, with the aim to: agree and
progress a joint asset development road map; build an initial
demonstration project; and negotiate and conclude a binding
long-term co-development and off-take contract.
Further announcements regarding the progress of the negotiations
in relation to such binding documentation will be made, as
appropriate.
A short video relating to this strategic agreement can be viewed
at: www.h2green.co.uk/post/h2-green-element-two
Jonathan Copus, CEO of Getech plc commented:
"Green hydrogen will play a key role in the decarbonisation of
commercial transportation, and the development of green hydrogen
hubs will be a crucial component of our cities' plans to
decarbonise and meet their net zero targets.
H2 Green and Element 2 are united by a common vision that places
the customer at the heart of the hydrogen commercial transport
market. To align our production and distribution strategies, the
groups plan to combine H2Green's position in hydrogen generation
and storage and Getech's state of the art location analytics, with
significant data gathered by Element 2 on fuel customer habits.
This data-led approach will enable both groups to high-grade and
expand their land asset portfolios and we are already discussing
the location of a demonstration project that will be a testbed for
a programme of national collaboration.
These steps are important as we believe they have the potential
to accelerate the creation of the first UK-wide hydrogen network,
which supports the UK government in the implementation of its
energy transition objectives of decarbonisation and green job
creation."
Dirk Van Daele, Chairman of Element Two added:
"It is vital to the success of our business model that we
partner with reliable and competitive producers of green hydrogen;
we are therefore delighted to partner with H2Green to produce green
hydrogen for our ambitious roll out of 2,000 hydrogen refuelling
stations by 2030. We look forward to identifying and deploying our
pilot site and developing a nationwide roll out program that will
support the government's hydrogen agenda and green job creation
targets."
Getech Group plc Tel: 0113 322 2200
Jonathan Copus, Chief Executive
Cenkos Securities plc
Neil McDonald / Pete Lynch (Corporate Finance)
Michael Johnson / Julian Morse (Sales) Tel: 0207 397 8900
Camarco
James Crothers / Ollie Head / Toby Strong Tel: 020 3781 8331
Notes to editors:
Getech (AIM: GTC) has a well-established position within the
global energy market, assisting clients with its unique combination
of products and services, that utilise the Group's sub-surface
skills and geospatial design and implementation capabilities
alongside a deep knowledge and understanding of how to deploy
data.
The Company is leveraging its strong market position, utilising
its existing expertise, and targeting additional commercial
opportunities, to de-risk and accelerate the global transition to
renewable sources of energy while strengthening its existing and
well-established business.
Getech is listed on the AIM market of the London Stock Exchange.
For further information, please visit www.getech.com
Element Two is a UK-based venture capital backed deployer of
Hydrogen Refuelling Stations (HRS) and a retailer of hydrogen fuel
to the consumer. Element Two installs and uses the latest proven
technologies but is not tied or invested in any technology brand.
This means the business can quickly adapt to the next tech
development to remain as price competitive as possible.
Element Two is working closely with councils, transport
operators and fleet owners to identify and develop sites and
support vehicle conversions to accelerate NetZero strategies.
Element Two is currently investing in prime locations in the
North of England, Scotland and Ireland, to deploy over 800 pumps
onto the UK network by 2027 and 2000 by 2030.
For further information, please visit www.element-2.co.uk
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