Getech Group plc (AIM:GTC), who is using its earth science and geospatial skills to accelerate the path to global net-zero, is pleased to announce that H2 Green Ltd (“H2Green”), the Group’s subsidiary in the green hydrogen production sector, has entered into a non-binding strategic agreement with Element Two Limited (“Element Two”), the aim of which is to supply green hydrogen to their refuelling stations.
Background and the Agreement:
Element Two is a UK-based developer of Hydrogen Refuelling Stations and a retailer of hydrogen fuel. The firm is investing in prime locations in the North of England, Scotland, and Ireland, with plans to deploy over 800 pumps onto the UK network by 2027 and 2000 by 2030.
H2 Green is a developer of regional hydrogen hubs and is working with multiple land asset owners, across hundreds of locations in the UK, to assess their suitability to become city hydrogen hubs. H2 Green is currently progressing a focus-list of priority hubs, where it will develop and operate green hydrogen production, storage, and distribution.
This strategic agreement provides a path by which Element Two and H2 Green can align their production and distribution strategies across their respective land portfolios – the objective being to accelerate the creation of the UK’s first hydrogen network.
Element Two and H2 Green have agreed mutual options to co-locate their respective hydrogen refuelling stations and hydrogen production and storage assets.
Pursuant to the strategic agreement, the parties have committed to a 12-month negotiation framework, with the aim to: agree and progress a joint asset development road map; build an initial demonstration project; and negotiate and conclude a binding long-term co-development and offtake contract.
Further announcements regarding the progress of the negotiations in relation to such binding documentation will be made, as appropriate.
Jonathan Copus, CEO of Getech plc commented: “Green hydrogen will play a key role in the decarbonisation of commercial transportation, and the development of green hydrogen hubs will be a crucial component of our cities’ plans to decarbonise and meet their net zero targets.
H2 Green and Element 2 are united by a common vision that places the customer at the heart of the hydrogen commercial transport market. To align our production and distribution strategies, the groups plan to combine H2Green’s position in hydrogen generation and storage and Getech’s state-of-the-art location analytics, with significant data gathered by Element 2 on fuel customer habits.
This data-led approach will enable both groups to high-grade and expand their land asset portfolios and we are already discussing the location of a demonstration project that will be a testbed for a programme of national collaboration.
These steps are important as we believe they have the potential to accelerate the creation of the first UK-wide hydrogen network, which supports the UK government in the implementation of its energy transition objectives of decarbonisation and green job creation.”
Dirk Van Daele, Chairman of Element Two added: “It is vital to the success of our business model that we partner with reliable and competitive producers of green hydrogen; we are therefore delighted to partner with H2Green to produce green hydrogen for our ambitious roll out of 2,000 hydrogen refuelling stations by 2030.
We look forward to identifying and deploying our pilot site and developing a nationwide roll out program that will support the government’s hydrogen agenda and green job creation targets.”