TIDMGTC
RNS Number : 5105V
GETECH Group plc
14 December 2021
14 December 2021
Getech Group plc
("Getech" or the "Company")
Getech agrees binding agreement with SGN to develop Inverness
green hydrogen hub
Further sites identified for detailed joint evaluation
Getech, the NetZero technology provider and data-led energy
asset developer, is pleased to announce that its wholly owned
subsidiary, H2 Green Limited ("H2 Green"), has signed a legally
binding agreement with SGN Commercial Services ("SGN") to develop a
major green hydrogen production, storage and distribution facility
on SGN's former gas holder site in Inverness.
In addition, Getech has agreed with SGN to progress three
further UK sites to an advanced stage of evaluation and the parties
are discussing the addition of several, recently identified sites
to the joint review list.
Highlights:
-- New green hydrogen hub to be developed in Inverness, with a
capacity which is expected to scale to 8 tonnes of hydrogen per
day.
o Due to Inverness's location, climate and topography, hydrogen
presents a natural path for decarbonisation in the Inverness area
and the Scottish Highlands.
o The site is situated between the city's rail depot and
industrial area, providing green hydrogen directly to large volume
anchor customers, including rail, bus and heavy goods vehicles.
o Local customers for by-products of hydrogen generation, such
as zero-carbon heat and medical-grade oxygen, include hospitals,
aquiculture and water treatment works.
-- Ownership of the site to be transferred from SGN to an
operating company owned by H2 Green and created to progress the
Inverness Development Site.
-- Land value has been agreed, priced at pre-development market
cost, payable in cash or project equity.
-- H2 Green has granted SGN an option to enable its scalable
equity participation in the project.
-- SGN to now prepare Inverness site for development including
removal of the existing gas holder, planned to occur in Q2
2022.
In January 2021, SGN and H2 Green announced a Memorandum of
Understanding to explore the establishment of hydrogen supply hubs
across England and Scotland. From an initial review list of 21 SGN
sites, the parties have selected Inverness as the first asset to
progress to development.
The parties now move into a two-year period (extendable to three
years) during which SGN will remove the gas holder, H2 Green will
lead the project including detailed engineering design, and the
parties will advance the relevant consents, permits and
licenses.
Jonathan Copus, CEO of Getech plc said:
"I am delighted by today's news, which will see Getech leading
another critical hydrogen hub development, this time with SGN
Commercial Services.
"The Inverness green hydrogen hub will be the first of it's kind
in the local area and is ideally positioned to support the use of
hydrogen for both rail and road transportation requirements.
"Today's announcement, in combination with our first hydrogen
hub project at the Port of Shoreham, announced in November 2021,
adds a second high-quality and strategically important development
hub to our portfolio. These projects demonstrate the momentum that
is building around our hydrogen operations. Our data-led approach
is cementing H2 Green's reputation as a fast, insightful, and
commercially astute locator and valuer of hydrogen asset
opportunities.
"Our focus on the most operationally and economically
advantageous locations for our customers, has also led to the
agreement to progress evaluation of three further sites across the
UK to an advanced stage with SGN, with more potential sites added
for review.
"This is an exciting time for Getech as we look ahead to further
hydrogen hub development opportunities being identified - in tandem
with further progression on our geothermal energy, strategic
minerals and carbon capture businesses."
Marcus Hunt, Director Commercial Services and Investments at SGN
said:
"SGN is helping to shape the UK's energy future through a range
of pioneering clean energy projects. Transport represents almost
30% of the UK's emissions so working with H2 Green to create a
green hydrogen hub in Inverness is an exciting opportunity which
supports the country's net zero ambition whilst boosting the
developing hydrogen economy."
Chair of The Highland Council's Economy and Infrastructure
Committee, Councillor Trish Robertson welcomed the announcement.
She said:
"The Council is delighted that H2Green have recognised the
importance of the Highland in the development of Green Hydrogen in
Scotland. This development will see Inverness become one of the
first cities in the UK to establish commercial production of green
hydrogen. The economic and decarbonisation potential of this energy
source is enormous, and we're looking forward to Highland and
H2Green playing a leading role in the transition to zero carbon
fuel sources."
Tim Burleigh, Head of External Relations at Eversholt Rail said:
"Eversholt Rail is delighted that this key milestone has been
achieved. We expect Inverness to be a key strategic refuelling
location for hydrogen trains operating on routes in Scotland and
this exciting announcement by H2 Green will assist in facilitating
their introduction at the earliest opportunity. Our ongoing
programme of work with H2 Green will identify further refuelling
locations over the coming months."
Last month, H2 Green signed a deal with Shoreham Port to develop
a renewable energy hub that will remove emissions from its fleet of
trucks and HGVs and be a catalyst for the wider region's transport
decarbonisation.
For further information, please contact:
Getech Group plc Tel: 0113 322 2200
Jonathan Copus, Chief Executive
H2 Green Ltd
Luke Johnson, Chief Executive
Cenkos Securities plc
Neil McDonald / Pete Lynch / Pearl Kellie (Corporate Tel: 0207 397 8900
Finance)
Michael Johnson / Julian Morse (Sales)
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.
For further information, please visit www.getech.com ,
www.h2green.co.uk
SGN Commercial Services is part of the SGN group, who own and
operate the gas distribution networks in the south of England,
across Scotland and in the west of Northern Ireland. The Group
provides a wide-range of specialist and gas-related professional
services, operating throughout the UK. SGN's safety-first culture
provides bespoke commercial services and green gas solutions to the
Group's clients, allowing them to better meet their business needs
today and in the future.
For further information, please visit:
www.sgncommercialservices.co.uk
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END
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