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Getech Group Share Price Surges on Green Energy Development Agreement

Updated: 15 Nov 2021

London-listed Getech Group has seen its shares surge Monday after telling investors that its wholly-owned hydrogen subsidiary, H2 Green, has signed a collaboration agreement with Shoreham Port.

The agreement grants H2 Green a 2-year exclusive right to develop a renewable energy hub at the Port of Shoreham, West Sussex.

Also Read: The Best UK Renewable Energy Stocks

Shares of Getech have surged over 25% to 36.5p following the news.

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Under plans submitted by H2 Green to Shoreham Port, the hub will initially provide green hydrogen and renewable electricity to the Port's fleet of 39 heavy forklift trucks and 12 heavy goods vehicles.

The green hydrogen will be sourced by a scalable green hydrogen production, storage, and refuelling facility.

After, the company said, “the hub will then be expanded to facilitate the decarbonisation of more than 800 heavy goods vehicles that enter Shoreham Port daily, and to provide fuel to port and coastal marine vessels.”

Jonathan Copus, CEO of Getech, said: “H2 Green's Shoreham green energy development plan showcases a scalable path for the decarbonisation of large-volume customers in marine and land transport settings. Getech intends to replicate this model across the UK and internationally.

“This is an exciting time for Getech shareholders as more businesses, industries and councils look to develop innovative new green hydrogen hubs, which Getech can support in developing.”

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