Getech secures record order book and reports 'very promising pipeline of opportunities'

Richard Bennett, Leeds-based Getech’s executive chairman, commented: "As we transition to clean energy, the importance of geoscience in solving the energy ‘trilemma’, the quest for affordable, clean and secure energy source, is undisputed.

"Getech has spent the last 30 years collecting and analysing data primarily for use within the petroleum sector, but we are now making a strategic shift to evolve our solutions and our client base to encompass a much wider range of corporates looking to reduce their carbon footprint.

“Strong revenue performance and a record order book in 2022 reflects a robust environment for petroleum market activities alongside new corporate demand to use our data to identify critical minerals, geothermal and hydrogen locations, as well as CCS projects.

"We have a very promising pipeline of opportunities and are excited about the potential for developing our portfolio in 2023."

Getech said it was selling its data and expertise to an even wider range of customers, from consumer goods to computing services companies, who are looking to become energy self-sufficient.

The statement added: “With the war in Ukraine and the energy and climate crisis, large corporates are investing in taking control of their energy needs, exploring ways to power their operations with geothermal, hydrogen, wind or solar energy sources in proximity to their sites.”

In the 12 months ended December 31 2022, Getech developed new solutions to locate copper, gold, cobalt and helium.

The statement to accompany the results said: “Given the size and substantial value of the energy transition market, there is increasing competition.

"However, Getech has natural advantages having spent the last 30 years meticulously collecting data, refining analytics, testing hypotheses and building relationships.

"We use AI and machine learning in our work, but our core strengths lie in our unique data and exceptional team with the knowledge and vision to use that data to address specific energy challenges. Entering our market without a similar depth of experience is challenging.”

Mr Bennett said that H2 Green has an exciting portfolio of hydrogen and renewable energy projects.

"One of my first actions as executive vhairman was to appoint Dr Graham Cooley as H2 Green's chair,’’ he added. “As the former CEO of ITM Power, Graham played a crucial role in transforming the company into a hydrogen market leader. That Graham accepted the role, reflects well on H2 Green and its future potential. With experience in the sector and working with the UK government, Graham brings invaluable expertise to support H2 Green's expansion and development.”