GETECH Group plc H2 Green Project Selected for Government Grant (6924U)
30 March 2023 - 5:47PM
UK Regulatory
TIDMGTC
RNS Number : 6924U
GETECH Group plc
30 March 2023
30 March 2023
Getech Group plc
("Getech" or the "Company")
H2 Green's Hydrogen Hub Project Selected for GBP0.5m Government
Grant
Getech (AIM: GTC), the geoenergy company and owner of hydrogen
developer, H2 Green, is pleased to announce that H2 Green's leading
Inverness Green Hydrogen Project has been selected for a GBP0.5m UK
Government grant from its Net Zero Hydrogen Fund - Strand 1
Development Expenditure. The award follows on from the UK
Government's long-term commitment to the renewable energy sector in
the recent budget.
H2 Green is developing a major green hydrogen hub in central
Inverness, comprising green hydrogen production, storage and
dispensing, and new onsite renewable energy generation. It will
initially provide green hydrogen directly to key Scottish rail,
bus, and HGVs transport customers, supporting their decarbonisation
strategies.
This is the first phase of H2 Green's cost-effective delivery of
a green energy Highlands network and will also have the capability
to distribute surplus hydrogen from the Inverness hub to a wider
area.
The hydrogen facility will scale from 6 MW of alkaline
electrolyser capacity (equivalent to generate up to 2.5 tonnes of
green hydrogen per day) to upwards of 10 tonnes a day (equivalent
to 24 MW) over time. The facility will be powered by an array of
renewable energy generation assets, comprising wind and/or solar PV
and backed by grid-connected renewable energy supply.
The grant will be used by H2 Green for development expenditure
support for front-end engineering design (FEED) and post-FEED
studies for the green hydrogen production facilities. H2 Green
expects to immediately commence the project and draw down the grant
in 2023.
Richard Bennett, Getech Executive Chairman, commented:
"H2 Green has a clear vision to deliver a network of green
hydrogen hubs across the UK aligned to the UK Government's ambition
to deliver 10GW hydrogen production by 2030, with 5GW of that
coming directly from green hydrogen. The grant reflects the
strength of the project and will fund the development of a common
design and engineering framework that will form the design base for
the roll-out of the portfolio of projects."
Dr Graham Cooley, H2 Green Chairman, commented:
"This grant award is a fantastic step by the UK Government to
accelerate H2 Green's progress in Inverness and in its network of
sites across the Scottish Highlands. It is testimony to the hard
work of the H2 Green team who have created a ground-breaking,
exciting and practical project to decarbonise transport and
industry in and around Inverness and deliver economic impact across
the region."
For further information, please contact:
Getech Group plc
Irina Logutenkova, Head of Investor Relations Tel: 0113 322 2200
Cenkos Securities plc
Neil McDonald / Pete Lynch (Corporate Finance) Tel: 0207 397 8900
Michael Johnson / Dale Bellis (Sales)
N ovella Communications T el: 0203 151 7008
Tim Robertson / Claire de Groot / Safia Colebrook
getech@novella-comms.com
Notes to editors:
Getech Group plc (AIM: GTC) generates revenue by locating new
energy and mineral resources using its proprietary Earth digital
twin. The Group works for governments and companies who seek to
decarbonise their operations. Getech has expanded the use of data
and technologies built for the petroleum industry to critical
minerals, geothermal, hydrogen, and carbon storage.
H2 Green Limited, a wholly owned subsidiary, that is a designer
and developer of Green Hydrogen Hubs in the UK. Each hub utilises
renewable power to produce large volumes of hydrogen that is uses
to decarbonise transport and industrial applications.
For further information, please visit www.getech.com .
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
MSCNKCBDCBKDFNB
(END) Dow Jones Newswires
March 30, 2023 02:47 ET (06:47 GMT)
Getech (LSE:GTC)
Historical Stock Chart
From Apr 2024 to May 2024
Getech (LSE:GTC)
Historical Stock Chart
From May 2023 to May 2024