TIDMGTC

RNS Number : 3099S

GETECH Group plc

15 November 2021

15 November 2021

Getech Group plc

("Getech" or the "Company")

Agreement to Develop Clean Energy Hub for Shoreham Port, Sussex

Getech, the g eoscience and geospatial technology provider and data-led energy asset developer , is pleased to announce that its wholly owned hydrogen subsidiary, H2 Green, has signed a Collaboration Agreement (the "Agreement") with Shoreham Port.

The Agreement grants H2 Green exclusive rights for the development of all port-based hydrogen, ammonia, and new onshore wind and solar power generation capacity at the Port of Shoreham, West Sussex.

Highlights:

-- H2 Green granted a two-year legally binding exclusive right to develop a renewable energy hub (the "Hub") at the Port of Shoreham, West Sussex.

-- Under plans submitted by H2 Green to Shoreham Port, the Hub will initially focus on the provision of green hydrogen and renewable electricity to the Port's fleet of 39 heavy forklift trucks and 12 heavy goods vehicles.

o Green Hydrogen will be sourced by a scalable green hydrogen production, storage and refuelling facility - the economics of which will be optimised by its integration with new solar and wind electricity generation capacity.

-- The Hub will then be expanded to facilitate the decarbonisation of more than 800 heavy goods vehicles that enter Shoreham Port daily, and to provide fuel to port and coastal marine vessels.

-- To deliver a third phase of hydrogen supply growth, H2 Green plans an ammonia importation facility. Ammonia is a medium for international hydrogen transport that can connect Shoreham to large-scale, low-cost, green energy projects worldwide.

-- H2 Green anticipate that development of the Hub will remove 45,000 tonnes of CO2 emissions each year from the Port's fleet of trucks and HGVs and be a catalyst for the wider region's transport decarbonisation.

In addition to the Port's fuel and energy demand, Industries operating in and adjacent to the Port, including gas-fired power generation, timber & steel handling and water treatment projects, are also potential customers for the Hub's hydrogen, renewable power, and the by-products of fuel generation, such as oxygen and heat.

H2 Green and Shoreham Port will now complete detailed planning and scheduling for each element of the renewable energy hub. Shoreham Port has committed in principle to convert all suitable and commercially viable port vehicles to utilise both hydrogen and renewable energy produced by the Hub. To service additional demand from regional trucking, marine and local industrial customers, H2 Green estimates the hydrogen facility will, at full capacity exceed c.8 tonnes per day.

Following finalisation of engineering designs and receipt of planning approvals, the parties expect to move to a structured series of Final Investment Decisions in H2 2022.

A video on the Shoreham Port Green Energy Hub project can be viewed at: https://youtu.be/bklxFTFXogw

Jonathan Copus, CEO of Getech plc said:

"H2 Green has agreed with Shoreham Port a bold vision that will place the Port's operations at the centre of both national and international decarbonisation innovation.

"By bringing together the building blocks of green hydrogen production, renewable power investment, ammonia import, and mobilising a wide range of stakeholders, H2 Green will provide the most flexible, reliable, and cost-effective green energy solution for the Port, its customers and the wider region. It also links Shoreham to international marine decarbonisation initiatives - the COP26 agreement encouraging the prioritisation of green shipping corridor projects that can accelerate the decarbonisation of both transport and supply chains.

H2 Green's Shoreham green energy development plan showcases a scalable path for the decarbonisation of large-volume customers in marine and land transport settings. Getech intends to replicate this model across the UK and internationally.

"This is an exciting time for Getech shareholders as more businesses, industries and councils look to develop innovative new green hydrogen hubs, which Getech can support in developing.

"Our project portfolio is rapidly evolving, and Getech's activities are strongly aligned with the Government's hydrogen strategy and green job creation initiatives. We look forward to providing shareholders with further updates on our business pipeline."

Tom Willis, CEO of the Shoreham Port said:

"We are delighted to have selected H2 Green to develop a green energy hub at Shoreham Port. The project has the potential to make a significant contribution to the net zero ambitions across South East England through the local generation of hydrogen from renewable energy.

"The hydrogen production process is quiet, odourless and the clean fuel produced will reduce emissions across the region as transport operators convert large fleets to run on it. As a community organisation we intend to work with all our stakeholders to make this new stage of Shoreham Port's development a success."

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 / Toby Strong                       Tel: 020 3781 8331 
 

This announcement contains inside information.

Notes to editors:

Getech (AIM: GTC) helps countries and companies to manage their natural resources and energy infrastructure to assist in the delivery of a successful energy transition to a net-zero economy. We use our extensive geoscience, geotechnical and geospatial technology, and skills to locate sustainable energy resources, de-risk and optimise their development and long-term economic production. Our focus is on scalable projects that can deliver meaningful impact across industries including oil and gas, mining of battery metals, geothermal, green & blue hydrogen, and smart cities.

H2 Green is a developer and operator of green hydrogen hub infrastructure. Its 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 Green's data-led location analytics allows it to optimise the positioning of hubs and minimise capital costs by repurposing legacy infrastructure for a greener future.

H2 Green is a wholly owned subsidiary of the Getech Group.

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 or visit 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.

END

AGRFFWESLEFSELF

(END) Dow Jones Newswires

November 15, 2021 02:00 ET (07:00 GMT)

Getech (LSE:GTC)
Historical Stock Chart
From Jun 2022 to Jul 2022 Click Here for more Getech Charts.
Getech (LSE:GTC)
Historical Stock Chart
From Jul 2021 to Jul 2022 Click Here for more Getech Charts.