16th Jul 2014 10:26
LONDON (Alliance News) - Getech Group PLC said Wednesday that it has funding of over GBP1 million for its new global multi-satellite gravity project, as it signed up new sponsors.
The oil services business had funding of more than GBP500,000 in July 2013 to fund a global roll-out of a pilot study for the CryoSat project. The project was to develop and demonstrate ways to improve the value of satellite gravity data by combining new data from the CryoSat-2 satellite with existing data.
However, the project now has six sponsors for the global roll-out, doubling the funding to over GBP1 million. The project is planned to run for three years to June 2016, and a majority of income will be recognised over the next two financial years, Getech said.
Shares in Getech were trading down 0.1% at 50.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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