Getech secures record order book after war in Ukraine increases focus on energy security

In a statement, Getech said the war in Ukraine had underlined the role of oil and gas as transitional sources of primary energy.

It added: "In 2022, Getech continued to benefit from high petroleum customer retention rates and, by aligning its offering with carbon storage solutions, Getech is futureproofing its role in a sector that is expected to remain a significant near-term engine of revenue.”

Getech said it had a record order book of £4.6m on December 31 2022, which was a 39 per cent increase on the previous year. Annualised recurring revenue increased by 14 per cent to £2.4m.

In a statement to accompany the results, Getech said: “In the last two years, Getech has built new low carbon solutions for critical minerals, geothermal, green hydrogen and carbon storage by repurposing data and software that it developed for the petroleum industry.

"In 2022, customers have purchased Getech's solutions to locate copper, gold, cobalt, and helium, to manage carbon storage licensing rounds and to explore for geothermal energy. Getech is now expanding its offering to include lithium and natural hydrogen.

Dr Jonathan Copus, Getech’s CEO, commented: "Our consistent year-on-year growth reflects the strength of our integrated solutions and the urgency of energy security and transition.

"Leveraging our unique digital twin of the Earth with 400 million years of data we are well-positioned to analyse the subsurface for the benefit of accelerating net zero achievement. We can locate sweet spots for geothermal energy, critical mineral deposits, hydrocarbon accumulations, zones for carbon storage, and the best places for green hydrogen mobility sites."

"While we are making good progress with our development projects at Shoreham and Inverness we also continue to generate revenue from our extensive data, cross-sector expertise and advanced analytics through licensing and solution sales."

"Looking ahead, we are confident that our solutions will gain even more momentum as every company is now facing the challenge to decarbonize their activities.

"We have a strong pipeline for this year and beyond, which will fuel the company's continued growthunlocking value for all stakeholders."

Getech has formed a strategic partnership with Eavor , a global geothermal technology company, to jointly locate and appraise geothermal projects in Latin America.

The statement added: “At Shoreham Port, Getech increased phase 1 hydrogen design capacity due to bigger local demand and extended its commercial exclusivity to 2027. In Inverness, progress was slowed by a reshuffle in the executive team of council officers and a focus on securing the Cromarty Firth Greenport. Discussions with the Highland Council about the Highland Hydrogen Network have now regained momentum.”