Leeds-based Getech secures £500,000 funding deal
A Leeds-based firm which locates subsurface energy and mineral resources to reduce the globe’s carbon footprint is powering its strategic growth plans after securing a £500,000 funding deal.
AIM-listed Getech, which specialises in data-mapping natural resources such as metals, minerals and geothermal energy, has agreed a working capital facility with Reward Finance Group, which provides property investors and SMEs with business finance loans and asset based solutions of up to £5m.
Getech was formed in 1986 and uses geoscience data and geospatial software taimed at accelerating the energy transition, moving energy consumers away from fossil fuels by developing geo-energy and natural hydrogen projects.
The firm said it will partly utilise the funding to further invest in its data capabilities and adopt a “radical” new approach to locating metals in previously unexplored territories.
Andrew Darbyshire, chief financial officer for Getech, said: “We’re at a pivotal stage of our business growth and needed an agile funding solution that ensures we don’t standstill. It’s critical that we continue to diversify, explore new market opportunities within green energy and remain focused on our core goals of finding the natural resources vital for the energy transition.
“The team at Reward have been hugely responsive, operating at speed and investing the time in really understanding our business to deliver a working capital solution that is bespoke to our short to medium term needs.”
In recent years, Getech has provided its data and expertise to customers operating across a range of energy sectors.
The company aims to enable businesses to meet their Environmental, Social and Governance targets.
Harriet Gibbs, business development director for Reward Finance Group in Yorkshire and the North East, said: “Helping provide working capital to such an innovative business that is working tirelessly to reduce the globe’s dependence on fossil fuels makes us immensely proud.
"The company had experienced a difficult process with the mainstream banks and needed to both turn to alternative finance and identify a lender with the right experience and expertise.
“We get to work across a diverse mix of SMEs to help fund business growth. However, this partnership stands out given how much Getech’s core business goals and objectives align with our own ESG principles and initiatives.
"We’re committed to being a responsible lender that cares greatly about the environment and are looking forward to seeing the ongoing progress Getech makes on the world stage.”
Earlier this year, Getech announced three separate contract wins worth a total of £390,000 related to the exploration of natural hydrogen.
The first was a strategic joint venture exploration agreement with a new customer partner, while two additional contracts have been secured with existing exploration clients.