H2 Green - Agreement with Eversholt Rail

RNS Number : 2193E

GETECH Group plc

06 July 2021

 

Reach

6 July 2021

Getech Group plc

("Getech" or the "Company")

H2 Green - Agreement with Eversholt Rail

Getech, using its earth science and geospatial skills and technologies to accelerate progress to global net zero, is pleased to announce that H2 Green Limited ("H2 Green"), a wholly owned subsidiary of Getech, has signed a non-binding Memorandum of Understanding ("MoU") with Eversholt Rail to develop hydrogen supply solutions for the UK railway.

Pursuant to the MoU, H2 Green and Eversholt Rail have agreed to work together to determine the production and refuelling infrastructure required to support wide-scale deployment of hydrogen-powered trains. The focus of the partnership is to provide low-cost and reliable green hydrogen for trains, a prerequisite for the deployment of fleets on routes where electrification is not technically or economically viable. In Scotland, these routes initially include the Far North and West Highland Lines.

The Company believes that the MoU will be a catalyst that enables the rapid deployment of hydrogen rolling stock for the UK railway. The next stage of the strategic partnership will be the development of commercial propositions for rail hydrogen supply systems, which H2Green and Eversholt Rail will together present to transport operators, infrastructure companies, and relevant government departments and agencies. Further announcements regarding the progress of such proposals will be made, as appropriate.

A video illustrating the focus of the MoU can be viewed here: https://www.h2green.co.uk/post/h2-green-eversholt .

Jonathan Copus, Chief Executive Officer commented:

"Hydrogen has been designated a strategic fuel by the UK Government and it is set to play a key role in the decarbonisation of commercial transport. Getech is working to accelerate hydrogen adoption by using our location analytics to identify optimal sites to develop hydrogen production, storage, and refuelling networks. We are also progressing multiple discussions with potential anchor customers.

For rail companies operating in remote locations, there is a compelling economic and business rationale to be both early adopters and large volume customers of green hydrogen. We are therefore pleased to be working in partnership with Eversholt Rail, a leading UK railway rolling stock owner, to advance the infrastructure essential to supporting wide-scale deployment of hydrogen-powered trains.

This partnership is an important step toward defining the locations of our initial green hydrogen hubs, and we look forward to updating shareholders with further developments."

Background on Eversholt Rail and H2 Green:

Eversholt Rail is a leading rolling stock company in the UK, with over 25 years of experience in the rail industry. Its rolling stock portfolio currently comprises over 3,200 passenger and freight vehicles. 

Eversholt Rail has a proud record of innovation and is currently engaged in several major programmes to help the UK rail industry to meet its decarbonisation commitments.

H2 Green is working to deliver security of supply by developing a network of large-scale production hubs across the UK. With strategic land assets on the UK rail network and a focus on driving down costs through economies of scale in the design process, H2 Green is ideally positioned to provide train operators with a guaranteed supply of green hydrogen wherever it is needed. The high-volume offtake that rail fleets require will set a cornerstone for hydrogen production hubs, capable of servicing road vehicles as well.

For further information, please contact:

Getech Group plc Jonathan Copus, Chief Executive	Tel:  [phone]
Cenkos Securities plc Neil McDonald / Pete Lynch (Corporate Finance) Michael Johnson / Julian Morse (Sales)	Tel:  [phone]
Camarco James Crothers / Ollie Head / Toby Strong	Tel: [phone]

Notes to editors:

Getech (AIM: GTC)   has a well-established position within the global energy market, assisting clients with its unique combination of products and services, that utilise the Group's sub-surface skills and geospatial design and implementation capabilities alongside a deep knowledge and understanding of how to deploy data.

The Company is leveraging its strong market position, utilising its existing expertise, and targeting additional commercial opportunities, to de-risk and accelerate the global transition to renewable sources of energy while strengthening its existing and well-established business.

Getech is listed on the AIM market of the London Stock Exchange. For further information, please visit  www.getech.com

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

H2Green is a fully owned subsidiary of the Getech Group.

 

END

 

 

NRABSGDRCGGDGBU