GETECH Group plc H2 Green Project Selected for Government Grant (6924U)

TIDMGTC

RNS Number : 6924U

GETECH Group plc

30 March 2023

30 March 2023

Getech Group plc

("Getech" or the "Company")

H2 Green's Hydrogen Hub Project Selected for GBP0.5m Government Grant

Getech (AIM: GTC), the geoenergy company and owner of hydrogen developer, H2 Green, is pleased to announce that H2 Green's leading Inverness Green Hydrogen Project has been selected for a GBP0.5m UK Government grant from its Net Zero Hydrogen Fund - Strand 1 Development Expenditure. The award follows on from the UK Government's long-term commitment to the renewable energy sector in the recent budget.

H2 Green is developing a major green hydrogen hub in central Inverness, comprising green hydrogen production, storage and dispensing, and new onsite renewable energy generation. It will initially provide green hydrogen directly to key Scottish rail, bus, and HGVs transport customers, supporting their decarbonisation strategies.

This is the first phase of H2 Green's cost-effective delivery of a green energy Highlands network and will also have the capability to distribute surplus hydrogen from the Inverness hub to a wider area.

The hydrogen facility will scale from 6 MW of alkaline electrolyser capacity (equivalent to generate up to 2.5 tonnes of green hydrogen per day) to upwards of 10 tonnes a day (equivalent to 24 MW) over time. The facility will be powered by an array of renewable energy generation assets, comprising wind and/or solar PV and backed by grid-connected renewable energy supply.

The grant will be used by H2 Green for development expenditure support for front-end engineering design (FEED) and post-FEED studies for the green hydrogen production facilities. H2 Green expects to immediately commence the project and draw down the grant in 2023.

Richard Bennett, Getech Executive Chairman, commented:

"H2 Green has a clear vision to deliver a network of green hydrogen hubs across the UK aligned to the UK Government's ambition to deliver 10GW hydrogen production by 2030, with 5GW of that coming directly from green hydrogen. The grant reflects the strength of the project and will fund the development of a common design and engineering framework that will form the design base for the roll-out of the portfolio of projects."

Dr Graham Cooley, H2 Green Chairman, commented:

"This grant award is a fantastic step by the UK Government to accelerate H2 Green's progress in Inverness and in its network of sites across the Scottish Highlands. It is testimony to the hard work of the H2 Green team who have created a ground-breaking, exciting and practical project to decarbonise transport and industry in and around Inverness and deliver economic impact across the region."

For further information, please contact:

 
 Getech Group plc 
  Irina Logutenkova, Head of Investor Relations         Tel: [phone] 
 
 Cenkos Securities plc 
  Neil McDonald / Pete Lynch (Corporate Finance)        Tel: [phone] 
  Michael Johnson / Dale Bellis (Sales) 
 
 N ovella Communications                              T el: 0203 151 7008 
 Tim Robertson / Claire de Groot / Safia Colebrook 
 [e-mail] 
 
 

Notes to editors:

Getech Group plc (AIM: GTC) generates revenue by locating new energy and mineral resources using its proprietary Earth digital twin. The Group works for governments and companies who seek to decarbonise their operations. Getech has expanded the use of data and technologies built for the petroleum industry to critical minerals, geothermal, hydrogen, and carbon storage.

H2 Green Limited, a wholly owned subsidiary, that is a designer and developer of Green Hydrogen Hubs in the UK. Each hub utilises renewable power to produce large volumes of hydrogen that is uses to decarbonise transport and industrial applications.

For further information, please visit www.getech.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCNKCBDCBKDFNB

(END) Dow Jones Newswires

March 30, 2023 02:47 ET (06:47 GMT)