TIDMGTC
GETECH Group plc
06 July 2021
Reach
6 July 2021
Getech Group plc
("Getech" or the "Company")
H2 Green - Agreement with Eversholt Rail
Getech, using its earth science and geospatial skills and
technologies to accelerate progress to global net zero, is pleased
to announce that H2 Green Limited ("H2 Green"), a wholly owned
subsidiary of Getech, has signed a non-binding Memorandum of
Understanding ("MoU") with Eversholt Rail to develop hydrogen
supply solutions for the UK railway.
Pursuant to the MoU, H2 Green and Eversholt Rail have agreed to
work together to determine the production and refuelling
infrastructure required to support wide-scale deployment of
hydrogen-powered trains. The focus of the partnership is to provide
low-cost and reliable green hydrogen for trains, a prerequisite for
the deployment of fleets on routes where electrification is not
technically or economically viable. In Scotland, these routes
initially include the Far North and West Highland Lines.
The Company believes that the MoU will be a catalyst that
enables the rapid deployment of hydrogen rolling stock for the UK
railway. The next stage of the strategic partnership will be the
development of commercial propositions for rail hydrogen supply
systems, which H2Green and Eversholt Rail will together present to
transport operators, infrastructure companies, and relevant
government departments and agencies. Further announcements
regarding the progress of such proposals will be made, as
appropriate.
A video illustrating the focus of the MoU can be viewed here:
https://www.h2green.co.uk/post/h2-green-eversholt .
Jonathan Copus, Chief Executive Officer commented:
"Hydrogen has been designated a strategic fuel by the UK
Government and it is set to play a key role in the decarbonisation
of commercial transport. Getech is working to accelerate hydrogen
adoption by using our location analytics to identify optimal sites
to develop hydrogen production, storage, and refuelling networks.
We are also progressing multiple discussions with potential anchor
customers.
For rail companies operating in remote locations, there is a
compelling economic and business rationale to be both early
adopters and large volume customers of green hydrogen. We are
therefore pleased to be working in partnership with Eversholt Rail,
a leading UK railway rolling stock owner, to advance the
infrastructure essential to supporting wide-scale deployment of
hydrogen-powered trains.
This partnership is an important step toward defining the
locations of our initial green hydrogen hubs, and we look forward
to updating shareholders with further developments."
Background on Eversholt Rail and H2 Green:
Eversholt Rail is a leading rolling stock company in the UK,
with over 25 years of experience in the rail industry. Its rolling
stock portfolio currently comprises over 3,200 passenger and
freight vehicles.
Eversholt Rail has a proud record of innovation and is currently
engaged in several major programmes to help the UK rail industry to
meet its decarbonisation commitments.
H2 Green is working to deliver security of supply by developing
a network of large-scale production hubs across the UK. With
strategic land assets on the UK rail network and a focus on driving
down costs through economies of scale in the design process, H2
Green is ideally positioned to provide train operators with a
guaranteed supply of green hydrogen wherever it is needed. The
high-volume offtake that rail fleets require will set a cornerstone
for hydrogen production hubs, capable of servicing road vehicles as
well.
For further information, please contact:
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
H2 Green is a developer and operator of green hydrogen hub
infrastructure. Their mission is to develop a national network of
hydrogen production, storage and retail facilities, providing
customers with a secure supply of low-cost green hydrogen. H2
Grene's data-led location analytics allows them to optimise the
positioning of hubs, and minimise capital costs by repurposing
legacy infrastructure for a greener future.
H2Green is a fully owned subsidiary of the Getech Group.
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END
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