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RNS Number : 4258E
GETECH Group plc
11 March 2022
11 March 2022
Getech Group plc
("Getech" or the "Company")
Agreement to develop a green hydrogen network across the
Highlands
Getech, the net zero technology provider and data-led energy
asset developer, is pleased to announce that H2 Green Limited ("H2
Green"), has signed a Memorandum of Understanding (the "MoU") with
the Highland Council incorporated under the Local Government of
Scotland (the "Highland Council"). H2 Green is a wholly-owned
subsidiary of Getech, focused on developing and operating green
hydrogen hub infrastructure.
The Highland Council and H2 Green have agreed a vision to create
a regional network of green hydrogen hubs across the Scottish
Highlands. This infrastructure will accelerate the decarbonisation
of the Highlands council area, the largest administrative unit in
the United Kingdom covering almost a third of Scotland.
Pursuant to the MoU:
-- H2 Green and the Highland Council will produce a regional plan to:
o develop a network of green hydrogen hubs - placing hydrogen
production, storage and delivery infrastructure at optimal
locations across the Scottish Highlands;
o establish commercial agreements for green hydrogen offtake,
underpinned by transport decarbonisation initiatives in the
Highlands; and
o establish commercial agreements for consumption of by-products
of hydrogen generation, including oxygen and zero-emission
heat.
-- The Highland Council will contribute GBP100,000 to the cost of this initial work.
-- The Parties have already commenced negotiations on the terms
of a Joint Venture Agreement under which the proposed Highlands
decarbonisation plan will be delivered. To facilitate this
negotiation, the Highland Council has granted H2 Green six (6)
months of exclusivity.
Getech's Chief Executive Office, Dr Jonathan Copus,
commented:
"The signing of the MoU is a significant milestone for our plan
to establish a world-class regional hydrogen network in the
Highlands. At the core of this network is our first planned
hydrogen hub with SGN Commercial Services located in Inverness,
which will service large-volume customers. In line with these
goals, we have already announced agreements with Eversholt Rail to
accelerate the wide-scale deployment of their hydrogen-powered
trains on the Far North and West Highland Lines of Scotland.
These activities combined with the Highland Council initiative
are set to establish the Highlands as the leading UK-centre for
decarbonisation and innovation; they will also support job
creation, deliver energy security and provide a sustainable path
for the region's net zero transition."
Leader of the Highland Council, Councillor Margaret Davidson,
said:
" The Highland Council and H2 Green have an agreed vision to
create a regional network of hydrogen hubs across the Highlands. We
view H2 Green as a dynamic and delivery-focused partner positioned
to deliver this vision for the Council. The planned work has the
potential to establish the Highlands as a leading innovation centre
for the decarbonisation of commercial transport. We see this as an
important opportunity to attract external investment into the
region, providing additional jobs and supply chain developments
that will accelerate the net zero transition."
Marcus Hunt, Director of Commercial Services and Investments at
SGN, said:
"SGN is fully committed to supporting decarbonisation and the
development of the Hydrogen economy and this is an exciting
development on that journey with H2 Green and the Highland Council,
helping to bring zero carbon fuel and wider economic benefits
associated with the H2 economy to the Highlands region."
For further information, please contact:
Getech Group plc Tel: 0113 322 2200
Jonathan Copus, Chief Executive
Cenkos Securities plc Tel: 0207 397 8900
Neil McDonald / Pete Lynch (Corporate Finance)
Michael Johnson / Dale Bellis (Sales)
Camarco Tel: 020 3781 8331
James Crothers / Toby Strong / Charles Dingwall
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 and geospatial technology, data and
skills to locate sustainable energy resources, de-risk and optimise
their development, and to ensure long-term economic production. Our
focus is on scalable projects that can deliver meaningful impact
across industries including oil and gas, strategic minerals,
geothermal, green hydrogen, and carbon capture and storage.
Getech is also using its data, technology, and skills to build
its own portfolio of low-carbon assets. The Group is developing its
first green hydrogen projects in Inverness and Shoreham, targeting
decarbonization of the commercial transport sector across multiple
green hydrogen hubs. UK commercial fleet fuel demand, which in 2019
totalled GBGBP12 billion, is set to fully decarbonise by 2050.
For further information, please visit www.getech.com,
www.h2green.co.uk
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END
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