Getech extends Shoreham Port deal by five years

22nd Sep 2022 12:43

(Sharecast News) - Geoenergy and green hydrogen company Getech announced further progress with its Shoreham Port Green Energy Hub on Thursday, with the extension of exclusive rights for the development of all port-based hydrogen, ammonia and new onshore wind and solar generation capacity through to August 2027.

The AIM-traded firm announced a two-year period of exclusivity with Shoreham Port in West Sussex last November, through a collaboration agreement.

It said that, having completed an "extensive" engineering programme demonstrating commercial feasibility for the hub, Getech's exclusivity had now been extended by the port for a five-year period, taking it through development to planned first green hydrogen production, and beyond.

"We are pleased with the progress we have made working in close collaboration with Shoreham Port," said chief executive officer Dr Jonathan Copus.

"The updated agreement signed today, with a significantly extended exclusivity period, is a clear statement of intent of the partnership to push forward to develop green hydrogen at the port, contributing to decarbonisation across the south east of England."

At 1154 BST, shares in Getech Group were down 6.82% at 17p.

Reporting by Josh White at Sharecast.com.