Business
Binding agreement with SGN
Binding agreement with SGN.
About this update from Getech Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5105V\n GETECH Group plc\n 14 December 2021\n \n \n \n 14 December 2021\n \n Getech Group plc\n \n \n \n (\"Getech\" or the \"Company\")\n \n \n \n Getech agrees binding agreement with SGN to develop Inverness green hydrogen hub\n \n Further sites identified for detailed joint evaluation\n \n Getech, the NetZero technology provider and data-led energy asset developer, is pleased to announce that its wholly owned subsidiary, H2 Green Limited (\"H2 Green\"), has signed a legally binding agreement with SGN Commercial Services (\"SGN\") to develop a major green hydrogen production, storage and distribution facility on SGN's former gas holder site in Inverness.\n In addition, Getech has agreed with SGN to progress three further UK sites to an advanced stage of evaluation and the parties are discussing the addition of several, recently identified sites to the joint review list.\n Highlights:\n \n · New green hydrogen hub to be developed in Inverness, with a capacity which is expected to scale to 8 tonnes of hydrogen per day.\n \n o Due to Inverness's location, climate and topography, hydrogen presents a natural path for decarbonisation in the Inverness area and the Scottish Highlands.\n \n o The site is situated between the city's rail depot and industrial area, providing green hydrogen directly to large volume anchor customers, including rail, bus and heavy goods vehicles.\n \n o Local customers for by-products of hydrogen generation, such as zero-carbon heat and medical-grade oxygen, include hospitals, aquiculture and water treatment works.\n \n · Ownership of the site to be transferred from SGN to an operating company owned by H2 Green and created to progress the Inverness Development Site.\n \n · Land value has been agreed, priced at pre-development market cost, payable in cash or project equity.\n \n · H2 Green has granted SGN an option to enable its scalable equity participation in the project.\n \n · SGN to now prepare Inverness site for development including removal of the existing gas holder, planned to occur in Q2 2022.\n In January 2021, SGN and H2 Green announced a Memorandum of Understanding to explore the establishment of hydrogen supply hubs across England and Scotland. From an initial review list of 21 SGN sites, the parties have select...