Getech (AIM: GTC) has signed a £905,800 contract with an undisclosed “major international energy company” for its ‘Globe’ platform.
The geoenergy and green hydrogen company launched the next generation of its tool that models the Earth’s evolution over the last 400 million years.
Around one-third of the revenue from this deal will materialise in the current financial year – the remining cash will follow over the next two years.
This news comes months after Getech announced its involvement in a campaign to bring green hydrogen to the Scottish Highlands.
Globe synthesises geoscience data into a ‘digital twin’ of the Earth, modelling geologic, climatic, and oceanographic systems to provide insight into the processes of locating and concentrating energy and mineral resources
This is something the London-listed company describes as “essential to the delivery of a sustainable and secure energy transition”.
Globe was upgraded this year, and now has a new dynamic plate model and approach to understanding sediment supply.
In doing so it helps to determine optimal carbon capture and storage (CCS) and
geothermal locations to support global decarbonisation.
Getech‘s chief executive, Jonathan Copus said: “We are encouraged by the continued strong demand we see for our products, delivering growth in revenue generation, but also importantly providing a strong base from which we can further explore strategic partnerships and opportunities to expand Getech’s own portfolio of low carbon assets.
“The success of the global energy transition is reliant on a diverse range of solutions facilitated by the rapid development and application of technology and a significant increase in critical minerals supply.
“Getech’s Globe platform provides an excellent example of our ability to combine decades of experience and innovation with leading geoscience data to meet mounting market demand.
“Thanks to its fundamental role in de-risking natural resource exploration projects, Globe is optimally placed to accelerate the pathway to net zero.”
At the time of writing (10.32), Getech stock is up 2.80% and shares are being sold for 22p.