Agreement with the Highlands Council

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 £100,000 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 Jonathan Copus, Chief Executive	Tel:  [phone]
Cenkos Securities plc Neil McDonald / Pete Lynch (Corporate Finance) Michael Johnson / Dale Bellis (Sales)	Tel:  [phone]
Camarco James Crothers / Toby Strong / Charles Dingwall	Tel: [phone]

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 GB£12 billion, is set to fully decarbonise by 2050.

For further information, please visit www.getech.com, www.h2green.co.uk

 

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