Getech in Leeds sees its order book grow to £3.3m in 2021 and enjoys robust start to this year

Geoscience and geospatial technology provider Getech Group saw revenue from geoenergy products and services rise around 20 per cent to £4.3m for the year ended December 31, 2021.

The Leeds-based firm reported that its orderbook grew by 25 per cent to £3.3m in a trading update.

Getech said repositioned its business model and strategy to support the accelerated delivery of a secure and sustainable path to decarbonisation, following receipt of £6.25m of equity proceeds in April 2021.

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Getech did this by expanding the application of its geoscience and data products into essential tools for locating and developing new geothermal, critical minerals, carbon/energy storage and green hydrogen projects.

Getech is based in Leeds.Getech is based in Leeds.
Getech is based in Leeds.

It has established a new low carbon ‘locate-develop-operate’ business model and invested in its team - hiring senior executives in engineering, economics, project delivery and business development.

Growth in revenues and sales continued into this financial year with robust first quarter performance, facilitating a strong outlook ahead.

Dr Jonathan Copus, CEO of Getech, said: “It is clear the world needs to substantially increase energy investment to meet the goals of energy security and transition to a low carbon future. In 2022, fuelled by growth in company and government spend, energy investment could total as much as 13 per cent of global GDP, the highest level on record.

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"Getech is ideally positioned to support this ‘waterfront’ expansion in energy capital spending. This has driven revenue and orderbook growth by 20 per cent and 25 per cent respectively in the financial year 2021 and has resulted in a significant broadening in our sales and business development pipelines, with the positive trend continuing into 2022.

"By investing in our unique geoscience data and software products, we are extending their application to high-growth geoenergy sectors beyond petroleum - targeting geothermal, critical minerals, hydrogen and carbon storage.

"The rapid expansion of our green hydrogen development activities also demonstrates how we are leveraging our foundation products and expertise to build strategic relationships that open opportunities for Getech to participate in high-value decarbonisation projects.

"We have positioned our locate-develop-operate business model to maximise the value of our products, technologies, and skills, and to deliver transformational growth in shareholder value. We have moved into 2022 with confidence and look forward to increasing our share of a primary energy market that is undergoing unprecedented change and growth.”

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