TIDMGTC
GETECH Group plc
10 January 2023
10 January 2023
Getech Group plc
("Getech" or the "Company")
Agreement to Jointly Evaluate Geothermal Energy Projects
Getech (AIM : GTC), the geoenergy and green hydrogen company, is
pleased to announce the signing of a Strategic Collaboration
Agreement (the "Strategic Agreement") with Eavor Technology Inc.
("Eavor"), a global geothermal technology company (together the
"Parties").
The Strategic Agreement will see the Parties work together to
locate and de-risk multiple closed-loop geothermal projects for
development across Latin America, a region with inherent strong
heat-flow potential and rapidly growing green energy demand. See
information included in this video:
https://getech.com/wp-content/uploads/2023/01/Getech-Eavor-a-Strategic-Geothermal-Partnership.mp4.
Highlights:
-- The Parties will combine their highly complementary, unique,
proprietary geothermal solutions, skills and technologies to
deliver the agreed work:
o Getech will deploy its industry-leading geoscience gravity and
magnetics database, its proprietary Heat Seeker(R) software package
and its asset analytics skills.
o Eavor will deploy its closed-loop geothermal energy production
system, Eavor-Loop(TM), as well as its growing knowledge base and
proprietary technology for identifying and qualifying the best
locations for geothermal energy production.
-- The Parties will identify and screen the most technically and
economically favourable Latin American geothermal sites for
development as sources of clean, baseload and flexible energy for
heating, cooling and green electricity.
-- Priority will be given to locations where multiple
closed-loops can be deployed, in order to allow for quick scale-up
and to minimise investment. Value can then be built by advancing
assets through commercial and technical feasibility, and where
appropriate, securing licences.
-- The Parties will retain the commercial optionality to either
realise asset value pre-development through farm-down/sale to a
third party (retaining the potential to provide ongoing development
support) or to proceed as development investors.
Geothermal energy represents a significant growth opportunity
for Latin America and the Caribbean, with the Inter-American
Development Bank noting geothermal potential in the region between
55GW and 70GW, most of which remains unharnessed.
Getech will use its foundation geospatial and economic modelling
skills to locate and quantify aboveground demand for heat and/or
power. The Company will then combine this analysis with its unique
geoscience data, proprietary heat flow models, and spatial analytic
software, to deliver integrated geothermal solutions.
Dr Jonathan Copus, Getech CEO said:
"This exciting agreement with Eavor is an important first step
in building Getech's global geothermal asset portfolio. By
integrating our geoscience data and geospatial/economic modelling
skills with Eavor's development technology, it will be possible to
establish geothermal development assets of significant scale.
Having located and de-risked the development of these assets,
Getech will retain the option to unlock value either through their
sale to a third-party developer, or proceed to participate in their
development, thereby expanding our geoenergy and green hydrogen
project investment portfolio. Where appropriate, we will also work
to expand project value by identifying co-location opportunities
that leverage our expertise in green hydrogen production.
This collaboration agreement builds on a strong relationship we
have established with Eavor by providing them with our foundation
products and services. It illustrates how we can unlock strategic
partnerships, thereby bringing transformational value to Getech
shareholders."
John Redfern, Eavor CEO said:
"We are currently focused on the development of a subset of
high-quality geothermal projects, constituting a fundamental step
in our work to commercialise and "productise" the Eavor-Loops(TM)
technology. Our ultimate goal is for hundreds of companies to
develop Eavor-Loops(TM) around the world, including in Latin
America.
We believe that our strategic partnership with Getech, under
which we are collaborating in the evaluation of a large pipeline of
fully qualified projects, will facilitate this. We are excited by
the prospect of accelerating the market adoption of Eavor-Loop(TM)
and, in turn, enabling many countries and companies to be more
aggressive in a shorter timeframe with their own energy transition
plans to net zero."
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 / Dale Bellis (Sales) Tel: 0207 397 8900
Camarco Tel: 0203 781 8331
Tom Huddart / Toby Strong / Charles Dingwall
Background information:
What is geothermal energy?
Geothermal energy is a renewable, clean energy source derived
from inside the earth. It can provide nearly unlimited low-carbon
energy with widespread and constant availability regardless of the
weather or time of day. This sets it apart from intermittent
renewables such as wind and solar.
Depending on its characteristics, geothermal energy can be used
for heating and cooling purposes or be harnessed to generate clean
electricity. It can deliver both baseload and dispatchable energy
and can be utilised in industrial, agricultural, commercial, or
domestic settings. Electricity can be fed into the grid or used for
green hydrogen generation. Heat can be distributed via district
heating networks or via pipework to local agricultural or
industrial users.
For further information, see this video:
https://getech.com/wp-content/uploads/2023/01/Getech-Geothermal-Accelerating-the-Energy-Transition.mp4
.
About Heat Seeker (R)
Heat Seeker (R) uses advanced GIS workflows and machine learning
to integrate geophysical, geological, commercial and social data to
define the optimal location for geothermal developments. This
innovative offering brings together Getech products originally
developed for customers in the petroleum industry, which through
investment have been repurposed to locate, de-risk and develop
sources of low carbon energy. Heat Seeker(R) enables the rapid
identification of sites which are highly prospective for geothermal
energy - lowering risk, increasing profit-margins, and ultimately
reducing payback times and returns in geothermal projects.
About Eavor-Loop(TM)
Eavor-Loop(TM) is a closed-loop geothermal energy extraction
system which works like a large-scale subsurface radiator to
collect heat from the earth via conduction, and to generate
electricity and commercial-scale heating and cooling. A proprietary
working fluid is contained and circulated within the closed loop to
create an efficient radiator, much like a vehicle radiator
circulates fluid in a closed loop. Being an industrial scale
geothermal system, it mitigates many of the issues with traditional
geothermal systems, which rely upon using wells to produce brine
from a subsurface aquifer. The system can be utilised globally to
unlock the world's first truly scalable form of clean, baseload and
dispatchable power.
A single Eavor-Loop(TM) has the potential to provide between 2MW
and 10MW of electrical power. With the capacity to include 10
Eavor-Loops per well pad, the surface footprint required for 1GW of
power generation would be as small as 0.5 sq km.
What are closed-loop geothermal projects?
All geothermal systems use ground loops to capture the
temperature of the earth to provide heating and / or cooling. There
are several different approaches to ground loop design, but they
all fall under two basic categories: closed-loop and open-loop. See
'About Eavor-Loop(TM)' above for more information on closed-loop
systems.
Notes to editors:
Getech (AIM: GTC) applies its world-leading geoscience data and
unique geospatial software products to accelerate the energy
transition by locating, developing and operating geoenergy and
green hydrogen projects. For further information, please visit
www.getech.com .
Eavor (pronounced "Ever") is a technology-based energy company
led by a team dedicated to creating a clean, reliable, and
affordable energy future on a global scale. Eavor's solution
(Eavor-Loop(TM)) represents the world's first truly scalable form
of clean, dispatchable, baseload capable, and flexible power. Eavor
achieves this by mitigating or eliminating many of the issues that
have traditionally hindered geothermal energy. Eavor instead
circulates a benign working fluid that is completely isolated from
the environment in a closed-loop, through a massive subsurface
radiator. This radiator simply collects heat from the natural
geothermal gradient of the Earth via conduction. Eavor has been
supported by equity investments made by several leading global
energy producers, investors, developers, and venture capital funds
including Vickers Venture Partners, bp Ventures, Temasek, Chevron
Technology Ventures, BHP Ventures, Helmerich & Payne, Precision
Drilling, BDC Capital and CHUBU. Further details can be found at
www.eavor.com .
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