Carbon Capture and Storage software and analytics

RNS Number : 0917S

GETECH Group plc

12 July 2022

 

12 July 2022

Getech Group plc

("Getech" or the "Company")

Getech provides Carbon Capture and Storage software and analytics for UK's first North Sea licensing round

Getech, a geoenergy and green hydrogen company, is contracted to deploy its proprietary geospatial software and subsurface expertise to support the UK's first carbon storage licensing round.

Working with the North Sea Transition Authority (NSTA), the UK's oil, gas and carbon storage regulator, Getech has used its Exploration Analyst software product to leverage NSTA's in-house data to create strategic maps that the NSTA is using to define optimal areas for CO₂ storage.

T he NSTA recently announced the UK's first carbon storage licensing round, inviting bids on 13 high graded areas that have the potential to make a significant contribution to the UK Government's aim of storing 20-30 million tonnes of CO 2 by 2030.

Getech's Chief Executive Officer, Dr Jonathan Copus, commented:

"Getech is working to accelerate the energy transition by assisting companies and governments in their delivery of sustainable and secure decarbonisation. We do this by deploying our unique geoscience data and proprietary geospatial software to help locate and manage low carbon developments .

NSTA's use of Exploration Analyst to map and promote an integrated 'emissions-to-storage' value chain in and around the UK North Sea showcases another exciting application of products that we originally developed for petroleum customers, and which we are now establishing as essential tools in geothermal energy, critical minerals, carbon storage and green hydrogen.

Placing the demand for our carbon storage offering in a global context, c.130 new commercial-scale CO₂ capture projects were announced in 2021, with the International Energy Agency forecasting that the capital spending could exceed US$40bn by 2024 (from US$1.8bn in 2021). The world however must locate and develop a further 700 carbon storage projects at this scale by 2030 to stay on track for the IEA's 2050 Net Zero Emission Scenario.

In step with the rapidly expanding energy transition markets, we look forward to scaling the deployment of our products, which we are also using to locate, develop and operate our own project investments."

For further information, please contact:

Getech Group plc Dr 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 Group plc(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 .

 

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