Getech announced three separate contract wins related to the exploration of natural H₂ (also known as geologic or white H₂). The first is a strategic joint venture exploration agreement with a new customer partner, while two additional contracts have been secured with existing exploration clients.

All three contracts are aimed at locating natural H₂ resources for commercial development and demonstrate that the Company is at the forefront of this exciting new subsurface energy transition opportunity. Combined, the three transactions are expected to generate £390,000 of revenue over 3 years, with additional potential upside.

The joint exploration agreement is with a major European headquartered global industrial and energy company and aims to locate and develop economic natural H₂ accumulations. In addition to earning fees for its exploration services, under the terms of the contract agreement, Getech will also earn 5% equity interest in any licenses obtained within a designated area and will be ‘carried’ through the exploration phase, including field sampling, exploration drilling and well-testing.

Over the course of the multi-year program, Getech will apply its proprietary and industry-leading natural H₂ location solution. This begins with understanding and modelling the geologic conditions known to produce natural H₂. Getech is uniquely placed to do this using its exclusive global geological and geophysical dataset which it has compiled over 30 years and used successfully for decades in other natural resource sectors. Getech will then deploy proprietary machine learning algorithms to find digital signature matches in its data to predict the location of new natural H₂ accumulations. Once natural H₂ source rocks have been identified, Getech will use extensive experience gained from the oil and gas industry to predict the migration and trapping of H₂ through the earth to identify subsurface reservoirs where H₂ may have accumulated. This will be followed by verifying or ‘ground truthing’ these results in the field. The new customer partner will then take the lead in subsequent exploration drilling and development activities.

The two additional contracts are with existing exploration clients to screen for natural H₂ and H₂ storage projects in Eastern Europe and the U.S. The projects will again use Getech’s Globe geoscience platform, geophysical data and AI technology to locate areas with the geologic conditions to produce natural H₂.

Richard Bennett, CEO of Getech 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 H₂. 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.”