17th Jul 2023 14:09
(Alliance News) - Getech Group PLC on Monday said it signed three new contracts for its Globe platform worth an aggregate GBP800,000 over the next three years.
The Leeds, England-based green hydrogen company said around GBP381,000 was related to its current financial year, representing "significant" additions to existing orderbook, which now stands GBP4.2 million.
Two of the contracts represent a one-year extension of Globe subscriptions for its existing clients, Getech said, specifically with an unnamed "European oil and gas supermajor" and a "respected global energy company".
Getech said the third contract is with a new client, securing a three-year deal for an unnamed Asian oil and gas company.
Globe is Getech's proprietary digital platform of earth science data, Getech said, which "facilitates the exploration and location of subsurface resources that are vital for the energy transition, including carbon storage, geothermal, natural hydrogen and critical mineral assets".
Getech added that Globe is an "innovative" product that collects geoscience and earth observation data, and "through proprietary computational modelling and AI led machine learning techniques, identifies favourable exploration opportunities for our customers".
"The company continues to service and expand its long-standing oil and gas client base as these contracts show, enabling our clients to search for new resources far more efficiently and by doing so, significantly reduce their exploration costs," said Executive Chair Richard Bennett.
"Alongside this, we are also continuing to develop new income streams from outside of the oil and gas sector. Both countries and companies alike are investing significantly to locate and secure high demand subsurface assets critical for the energy transition.
"Globe has the data to support these new searches and we are working with prospective clients to re-purpose our data, software and analytics to identify critical minerals (such as copper and lithium) and ideal locations for geothermal, hydrogen and carbon capture and storage projects."
Last month, Getech said pretax loss widened in 2022 to GBP3.1 million from GBP2.9 million the year prior, despite revenue rising 19% to GBP5.1 million from GBP4.3 million the year before, driven by 100 new contracts valued at GBP6.5 million.
The company said widening loss was due to a one-off amortisation charge of GBP300,000 related to its acquisition of H2 Green Ltd, a wholly-owned subsidiary that designs and develops green hydrogen hubs in the UK.
At the time, the company said the macro environment for 2023 "remains strong for Getech with its clear focus on the energy transition".
Shares in Getech were up 2.3% to 9.66 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
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