Getech secures three separate contract wins

15th Apr 2024 10:07

(Sharecast News) - Subsurface resources locator Getech said on Monday that it had secured three separate contract wins related to the exploration of natural hydrogen.

Getech stated that all three contracts were aimed at locating natural hydrogen resources for commercial development. Combined, the three transactions were expected to generate £390,000 of revenue over three years, with additional potential upside.

The AIM-listed group said the first contract was a strategic joint venture exploration agreement with a new customer partner and, in addition to earning fees for its exploration services, Getech will also earn 5% equity interest in any licenses obtained within a designated area.

Getech added that the two additional contracts were with existing exploration clients to screen for natural hydrogen and hydrogen storage projects in Eastern Europe and the USA. The projects will again use its Globe geoscience platform, geophysical data and AI technology to locate areas with the geologic conditions to produce natural hydrogen.

Chief executive Richard Bennett said: "These transactions build on a good start to the current financial year and of course, further expand our expertise in helping our customers seek out natural hydrogen. We are also delighted to have signed another equity joint venture agreement with a leading energy company, supporting its search for this new but potentially game-changing resource and sharing in the upside, if we are successful."

As of 1005 BST, Getech shares were down 8.78%% at 8.26p.

Reporting by Iain Gilbert at Sharecast.com