Getech, a provider of data, knowledge and software products to the energy industry, is pleased to announce that the Resolution put to Shareholders at the General Meeting held on 30th March 2021 in connection with the Placing, Subscription and Open Offer to raise up to £6.25 million, was duly passed.
Getech is also pleased to confirm that, following approval of the Resolution, it has acquired the entire issued share capital of H2 Green for an initial consideration of £250,000, of which £196,250 (78.5 per cent.) will be satisfied through the issue of the Consideration Shares with the remaining £53,750 paid in cash.
Jonathan Copus, Chief Executive Officer, commented:
“Completion of the Placing and oversubscribed Open Offer opens an exciting new chapter for Getech.
The global drive to decarbonise is ushering in an unprecedented transition to low-carbon distributed energy systems. Getech’s core business is to use our geoscience and geospatial technology and expertise to help customers locate energy resources and optimise their management.
Whilst historically the majority of our business has come from oil and gas companies, we are increasingly applying our services to energy companies in the geothermal, unconventional gas and hydrogen sectors, as well as to mining companies that are seeking to expand production of vital materials, such as battery metals and other rare earths.
This Placing and Open Offer enables Getech to enhance our product offering and market our energy transition services globally. We see exceptional growth potential as countries and companies proceed on their journey to net zero and we have also identified opportunities in the development of projects that generate asset-value and recurring income.
Furthermore, today, we have completed the acquisition of H2 Green, a transaction that illustrates our new business model. H2 Green is working to develop a network of hydrogen production, storage and refuelling hubs, utilising Getech’s geospatial skills to identify optimal hub locations, using criteria that include customer demand dynamics, energy efficiency and operational safety.
This is an exciting time for Getech and I look forward to updating shareholders with our progress.”
Read the full story here: Result of General Meeting and Open Offer