Getech bags $2.15 mln of energy transition-related contracts

Geoenergy and green hydrogen company Getech has secured $2.15 million of new contracts which include geoscience data sales and product renewals related to the energy transition.

The transactions include a $0.9 million multi-product sale to a global minerals company. This is Getech’s largest contract to date in the critical minerals sector. 

The products sold provide access to Getech’s portfolio of proprietary geoscience data. The Globe knowledge base synthesises this data into a ‘digital twin’ of the Earth; modeling geologic, climatic, and oceanographic systems to provide insight into the processes that locate and concentrate energy and critical mineral resources. The company sees it as essential to the delivery of a sustainable and secure energy transition. 

Approximately 56 per cent of these new sales are expected to translate to revenue in 2022. The company’s orderbook is now at a record high.

Getech’s CEO Jonathan Copus said: “While companies and governments continue to expand their investment in new sources of energy and minerals, today’s new sales announcement (…) provides further evidence of how demand for our products continues to grow in our target markets of transitional petroleum, critical minerals, storage, geothermal and hydrogen. 

“In addition to driving near-term revenue, we use our products and capabilities to help us establish strategic partnerships through which we are building our own portfolio of low carbon investments, with our first green hydrogen hub developments making good progress in Inverness and Shoreham. ” 

The company’s ambition is to establish at least 500 megawatts of geoenergy and green hydrogen assets by 2030.