Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Getech secures three separate contract wins

(Sharecast News) - Subsurface resources locator Getech said on Monday that it had secured three separate contract wins related to the exploration of natural hydrogen. Getech stated that all three contracts were aimed at locating natural hydrogen resources for commercial development. Combined, the three transactions were expected to generate £390,000 of revenue over three years, with additional potential upside.

The AIM-listed group said the first contract was a strategic joint venture exploration agreement with a new customer partner and, in addition to earning fees for its exploration services, Getech will also earn 5% equity interest in any licenses obtained within a designated area.

Getech added that the two additional contracts were with existing exploration clients to screen for natural hydrogen and hydrogen storage projects in Eastern Europe and the USA. The projects will again use its Globe geoscience platform, geophysical data and AI technology to locate areas with the geologic conditions to produce natural hydrogen.

Chief executive Richard Bennett said: "These transactions build on a good start to the current financial year and of course, further expand our expertise in helping our customers seek out natural hydrogen. We are also delighted to have signed another equity joint venture agreement with a leading energy company, supporting its search for this new but potentially game-changing resource and sharing in the upside, if we are successful."

As of 1005 BST, Getech shares were down 8.78%% at 8.26p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Apple to expand iPhone satellite capability with £1.5bn commitment
(Sharecast News) - Apple strengthened its partnership with satellite communications firm Globalstar, it was reported on Friday, by committing around $1.5bn to expand iPhone satellite services, according to a recent securities filing.
Ryanair could cut UK flights by up to 10% after APD increase
(Sharecast News) - Ryanair said on Friday that it could cut up to 10% of its scheduled flights to and from UK airports next year, as it criticised the government's decision to increase the tax on airline tickets in the Budget.
Kodal agrees transfer of Bougouni licence with Mali government
(Sharecast News) - Kodal Minerals announced on Friday that it has reached an agreement with the government of Mali for the transfer of the Bougouni Lithium Project's mining licence to its Malian subsidiary, Les Mines de Lithium de Bougouni (LMLB).
Hummingbird reports progress with financial restructuring
(Sharecast News) - Hummingbird Resources updated the market on its financial restructuring efforts with primary lenders Coris and CIG on Friday, along with its largest shareholder Nioko Resources Corporation.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.