Leeds-based Getech to pursue growth in hydrogen, mining and geothermal sectors

Leeds-based Getech plans to pursue growth opportunities in the hydrogen, mining and geothermal sectors.

Getech has provided an update for the stock exchange

Getech, which is a provider of data, knowledge and software products to the energy industry, has completed a conditional placing and subscription to raise approximately £6.0 million to support diversified growth in areas "important to the delivery of a global energy transition".

The company is also launching an open offer to raise up to approximately £0.25 million.

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Getech said the net proceeds of the placing and subscription and open offer will be used by the company to invest in its core products and services to enable it to add value to a range of commercial applications in the hydrogen, mining and geothermal sectors and develop established partnerships that can add new content to existing products.

Getech has also exercised its option to acquire the entire issued share capital of H2 Green, an acquisition which is conditional on shareholders' approval.

Jonathan Copus, CEO of Getech Group Plc, said: "We are delighted by the support we have received from new and existing shareholders. The combination of a placing and subscription with institutional and other investors alongside an open offer both broadens our shareholder base while allowing all shareholders the opportunity to participate.

"We look forward to utilising the net proceeds to execute multiple growth opportunities, which we have identified through a methodical and balanced programme of business development.

"These growth opportunities, with particular focus on the hydrogen, mining and geothermal sectors, reflect the changing shape of the global primary energy mix.

"This Energy Transition is occurring at an accelerated pace, which places Getech's customers in a new commercial landscape - one that is underlain by a web of complex location-based decision making. Getech's products and services can add significant value to this landscape and we are excited by the commercial opportunity that lies ahead of us."