Getech Group (LSE:GTC) — Annual Results

0:01 Good morning, and welcome to the GETECH GROUP PLC Annual Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll.

0:30 I'd now like to hand you over to Jonathan Cope, CEO. Good morning to you, sir. Good morning. Thank you very much. Welcome everyone to this morning's presentation. It's great to be here talking about GETECH. It's what is a very exciting time for us as a company, but also exciting time for the markets that we are operating in as well. So I'm Jonathan Kopas. I'm the CEO of GETECH, and I'm joined today by Andrew Derbyshire, who is GETECH's CFO. And the structure of today's presentation will be I will run through some some overview slides about GETECH and our strategy. We'll then run through some of the financial results, and then we'll go on to the operations and, of course, then have time for q and a.

1:16 So let's crack on.

1:20 So GETECH, we are a a geo energy and green hydrogen company, and we've been operating in energy markets for fifteen plus years. And in those markets, we are a trusted partner of many of the world's largest petroleum organizations. And we've built for those organizations a number of products, which we are currently repurposing into essential tools for the energy transition, and we'll be talking a bit more about that later. In April of last year, we had a £6,250,000 equity raise. And since then, we've delivered strong 2021 business performance. And the experienced team that was in place, we've added two with new talent and also sector leading expertise into some of the new markets that we're growing into.

2:12 We are also developing our own portfolio of low carbon assets, and this is a very exciting aspect for our organization, for our shareholders, because it's something which really opens up transformational potential for us as a company. We have green hydrogen development projects underway. And in these results, we have established an ambition to establish at least 500 megawatts of new geo energy and green hydrogen assets by 2030. To give you an idea also about our ownership, we're fairly evenly split between institutional and private shareholders as as as well. So what's our strategy? Well, our strategy is to apply our world class geoscience data, our unique geospatial software, and our leading expertise to accelerate the energy transition.

3:06 And we're doing that by locating, developing, and operating geo energy and green hydrogen projects. Our focus sectors are green hydrogen. We're developing our own network of green hydrogen and ammonia hubs. Geothermal, we are identifying and developing geothermal projects using our geoscience and geospatial capabilities. And critical minerals, we're analyzing the location and, of course, also working to identify the the factors that control the economic concentration of critical minerals. These are minerals which are critical to the delivery of the energy transition. And being focused on the energy transition doesn't mean turning our back on our our petroleum customers, but those customers are looking for different things from us. Petroleum is a transitional resource, and we are working with our expertise also in carbon capture and storage. And that is leading to a much more sustainable path as we move from a carbon economy into a low carbon economy.

4:11 Our business model revolves around three things, locate, develop, and operate. In locate, we are locating energy assets, and we're locating natural resource assets. We're also locating energy needs as well. So mapping the aboveground demand for customers via electricity or heat. And we're doing all of this by using our unique IP. These are these products and technologies and skills that we've built up as an organization that give us this trusted partner status. But as a trusted partner, what we can do is is we can elevate those conversations into more strategic partnerships. So the people that we are providing data or products to, we can discuss becoming development partners with them as well.

4:57 And we are building up a portfolio of these opportunities, and each one of them is repeatable and it's scalable and our focus is is global. And for our shareholders, this development step brings transformative value to us as a group. And then finally, once we've exited the development phase on these assets, for many of them, we expect to be operator as well. And at that stage, we will have reduced our interest to a minority, and we'll be taking a management fee as well as our share of the revenue and profit of those assets. And for us, this then layers on the further source of recurring revenue on top of that transformative asset value that we would have built as well. The reason why we're doing this is because we're always focused on how we as a company can enhance the value

5:46 of of what we do. And a good illustration of this is how we've grown in petroleum. So we as an organization provided services, and services are good. They capture a margin. But every service has a a beginning and end, and you have to keep capturing those services. But what the service has allowed us to do is to understand our customers' needs, understand their opportunities, understand the risks, and understand the kind of white space that sits around us. And doing that in petroleum, we built products. And those products open up order book and recurring revenue opportunities, high quality revenue sources of of revenue. But also when I look at the value we capture through those product licenses, it's actually quite small versus the asset value that is created through the application of those products. And so the energy transition is offering us a unique opportunity to step beyond our services and products into building an asset portfolio where we're generating long term recurring revenue streams and, of course, also building asset value.

6:57 I mentioned at the start that we have established an ambition. Our ambition is to build at least 500 mega megawatts of new geo energy and green hydrogen assets by 2030. These targets can be a bit abstract. So to put that into other terms, 500 megawatts could avoid up to 2,000,000 tons of c o two release a year. 500 megawatts is also what is needed to supply a million UK homes. Now we're already out of the out of the traps on this, and our two green hydrogen projects in Inverness and Shoreham, which I'll talk about a bit more later, that are in development, these already accounts at full capacity for 10% of that 500 megawatt ambition. And associated with them, we have exclusivity in shore, for instance, over wind and solar, and that will add additional megawatts from integrated renewables.

7:52 And our intention is is that with this ambition established, as we announce new projects and new opportunities, we can update the markets, and this will help communicate how we're making progress as an organization.

8:08 So turning now to to finance, and I'll just hand over to Andrew. And Andrew will walk you through some of the highlights of our recent results as well as some of the the forward plan in terms of our capital spending. Andrew, over to you. Thanks, Jonathan. This first slide here, I've put together some of the the key financial metrics. You can see in 2021 positive growth with revenue being up 20% versus 2020, and this is supported by strong order book growth as well. Order book growth was up 25% versus a 2020 figure. We finished the year with a strong cash balance, which will help support the initiatives in diversification in in 2022 as well.

8:56 The loss for the year was 1,600,000, which is is small increase versus 2020, and this is in spite of the significant investment that we've made during the year in our new products and services and also includes the cost of running h two green through from its acquisition at the end of March. In terms of spending in our investment in innovation, this is reflected in in our tax disclosures. So our r and d expenditure increased to 1,600,000 in 2021 versus $05,000,000 in 2020.

9:43 Sorry. At this second slide, this slide, I've split into two parts. So on the left hand side, we're looking at the cost base of the business and how this has changed in 2021 versus 2020. So the cost base has increased to 6,500,000, and that's up from 5.2. Within this, we've got the the costs of h two green. So h two green is is fully consolidated into the group in 2021 for the for the eight months that the business was in in the group. We've also expanded our business development team and strengthened our marketing capabilities during 2021. And the pie chart there, that just shows you which sectors our spending has been on, and and you can see there the the much increased spending in in the renewable sectors.

10:39 On the right hand side, this gives a bit of a breakdown of our growth investment spending. So here, we you you you can see our plan for 2022 and and what we're expecting to spend on growth investment and also a breakdown by sector. So you can see, again, much increased spending in renewable sectors and we're forecasting lower spend in the traditional base petroleum sector.

11:15 Great. Thanks thanks very much, Andrew. So now we move on to operations. And these slides are structured around our locate, develop, operate business model. So first of all, let's look at locate. And locate is all about leveraging our proven offering. So we, of course, have our our geoscience data, our geospatial software, and our leading expertise. And these were all developed for the petroleum industry. And through investments, the the the the investment funded through our our equity raise last year, we have been repositioning these as essential tools for the energy transition in our target sectors of storage, geothermal, mining, and hydrogen.

12:01 But what does this look like in practice? So in carbon capture and storage, we are conducting projects for CO two storage sites in Europe and North America. In geothermal energy, we are delivering prospectivity analysis and site selection. And since the equity raise, we have launched a new product, Heatseeker, which brings together our data, our software, and also our our expertise. And this is a unique offering in the geothermal space. In Critical Minerals, we've put out RNSs that highlights the work we're doing in copper. We're also working in gold and lithium. And this work is being undertaken for clients across multiple continents in Australia, in North America, in Canada, just citing all the some some recent contracts that we've put Reach RNSs out about.

12:59 And, of course, in transitional petroleum, we continue to support our clients across the globe with our trusted data, our products, and our services. And this translated in 2021 to 46 new customers. We had 94 unique customers in 2021. And as Andrew has already said, our order book increased by 25%, and our revenue rose by by 20%. Now moving on into the develop and operate part of our business. The most advanced part of this for us, of course, is is green hydrogen. And before we dive into the details, I thought it's worth saying a few words about the landscape that we sit within. And I think we can all confidently say now that hydrogen is absolutely an essential component of global decarbonization.

13:50 This is happening against a complex backdrop of geopolitical risk, which, of course, is also focusing people on energy security as well. What we're also seeing is that that geopolitical risk has increased natural gas prices. And today, green hydrogen in in in in many instances is cheaper than highly polluting gray hydrogen. This is true of Europe, Middle East, and Africa, and also China. Hydrogen economics are also strengthening. Very widely, it's forecast that CapEx will fall, and we're seeing, you know, evidence of that in in in the markets that we will be our suppliers. We're also seeing rapid growth in wind and solar, and that is ideal for distributed hydrogen infrastructure, particularly in some of the early geography the geographies of some of our early sites such as as as in Venice where there are large volumes of excess wind and solar wind being spilled to the grid.

14:50 Also, in terms of funding, global hydrogen funding has accelerated. Here in The UK, the government has issued rounds of both OpEx and CapEx focused hydrogen grant funding. And we're also seeing infrastructure funds and strategic investors searching for a role in these hydrogen markets and looking for opportunities and particularly portfolios of opportunities to to back. But I think the boldest evidence of the momentum in this market really comes from government targets. In recent months, the UK government has doubled its hydrogen target to 10 gigawatts by 2030. And for us, the important part of this statement is also that they're saying that at least 50% of this will come from green hydrogen, and it's green hydrogen, which is our our specialist, and that's hydrogen from renewables.

15:46 In the EU, the EU has quadrupled its hydrogen target in recent months to 75 gigawatts by 2030, and they're saying that half of this will be imported. And in the Germany, in particular, is leading the way in terms of market re market reforms. And if we pull back a bit further, we now have more than 30 countries who are implementing their own hydrogen strategies across the globe. So So this is a market with tremendous momentum where tremendous value is being created around these projects being rolled out. So what have we achieved in the last twelve months? Where do we currently stand and where are we heading? Well, in 2021, we are very focused on securing assets.

16:37 We acquired h two green, which is our our green hydrogen development company. We built out our pipeline, and we signed multiple high value agreements with strategic partners. We also secured the first two hub locations for our development portfolio, and I'll run you through those in detail in in on the next slide. At the moment, we're building strong foundations. We are focused on development planning for our projects. We are focused on adding anchor customers. We're also focused on discussions in terms of asset financing options. And I've mentioned the the the the greater participation of Inference Strategics as well as government. And the final part of this equation at the moment is all about cost optimization.

17:23 Working with suppliers, working with power providers, all of these people so we can deliver the highest value, best returning projects for our shareholders. And then looking beyond this, it's all about driving growth. We have a good position already in commercial transport, and we are looking to build that out through more projects. That is extending our project funnel, and our project funnel doesn't just sit within The UK. Our project funnel is also international. And in 2021, we established our our first presence in Europe, which we're filling out with more recruitment on the business development side at the moment. We're also finding that the progress we're making in commercial transport is opening the door to other sorts of customers, and these customers are potentially of larger volume larger volume off takers.

18:17 And these include industrial customers, and these also include export opportunities. And this then ties us into those broader hydrogen markets. And one of the things about our Shoreham project, of course, is that we have exclusivity not just over hydrogen, but ammonia as well. And that really ties us into this this emerging global trade that will dominate hydrogen in in in the future. So looking at our first two projects, our first two projects are in Shoreham and Inverness. Now both of these projects target markets where we can see self contained ecosystem, which is ideal for the adoption of hydrogen. And this makes them really good starting points for our portfolio.

19:02 Both have capacities in excess of eight tons a day. And in Shoreham, our development partner, is the port. We have two year of ex two years of exclusivity in Shoreham on all wind, solar, hydrogen, and ammonia. And all of these projects, one of the really important things is to to secure high identify and secure high value anchor customers, which can help underpin our initial capital investment. And for Shorem, the anchor customer is the marine environment. It's the port, which runs quite a large fleet of HGVs and forklift trucks. The marine operations going inside the port and also local industry in and around the Port Of Shoreham. In Inverness, all of these things are true as well. Our development partner is SGN.

19:48 And, of course, we have a broader exclusive relationship with SGN across 20 plus sites across The UK. Inverness being the first one that has come into the development portfolio from that agreement.

20:01 With Inverness, we will be looking at establishing distributed production across the region and to stimulate the green economy, establishing jobs, bringing in investment in into this region. And our high value anchor customers here are rail, buses, trucks, and industry. And, again, we're uniquely well positioned to tap into these markets. The image you can see at the top here is the SGN gas holder. This is what is currently being taken down and removed from the site, and that would clear the site ready for development steps for the hydrogen hub. You can see in this image to the right, the light industrial buildings. This is an area where there are are light industrial customers as well as transport, you know, SUVs and buses and things. But you can see also on the left of this image, the rail lines.

20:54 And this Inverness site is uniquely well positioned right next to where refueling would occur for trains going into the Highlands and coming out of the Highlands heading south. So both of these exciting projects that we will be moving forward over the coming the coming period. And here's a timeline which shows you how things will evolve and what to expect over the coming months. So at the moment, as I've already said, we are focused on planning and consents, renewable power supply agreements, contract offtake. This is leading us up towards a final investment decision, and we show here that we expect this to occur in the second half of of next year or early twenty twenty four. And then once we've taken the final investment decision, we'll be in the procure, construct, and commission stage across the hydrogen, but also the renewable projects as well. And you can see on this timeline that we are moving towards first hydrogen production in first half of twenty twenty five, and then output will will expand from there.

22:02 And this is all gonna lead to a very busy schedule of news flow and lots of events that are gonna be important for demonstrating the project progress that we are are are making. And these, I believe, will all be important catalysts or many of these will be important catalysts for for for our shares and bringing the value of these projects into our share price.

22:26 Beyond these two hubs, though, it's all about scaling and diversifying our investment. And we announced a couple of months ago an agreement with the Highland Council, and this is one of the first steps where we're taking an individual hub, Inverness, and we are growing it into a regional network. And the benefit of this for the Highlands region is that through distributed green hydrogen production, we'll be creating jobs, new industrial opportunities, and this is a really important set of steps for decarbonizing this this large region of The UK. We're also working to expand beyond these initial projects in The UK and Europe, And and we are continuing to rapidly identify target sites and quantify their value, we will be reporting on progress against that as we have new projects to announce.

23:20 There's a lot of excitement, a lot of momentum for us inside of hydrogen, but this is just one aspect of of of the the potential development investments that will help us build towards our 500 megawatt ambition. The other part I'd like to just highlight here is geothermal. There are further opportunities here to build our investment portfolio. Geothermal is a market which is just getting going really in comparison to hydrogen, but I think there's gonna be really strong momentum here. And through our products and through our relationships, we're well positioned to to to to participate in this exciting growth market. We are currently evaluating several projects. And, our focus is on investing in things which are repeatable and scalable so we can build value out for our for for the company and our shareholders.

24:12 So in summary, we are reshaping GETECH for the energy transition. We are building a business which is unique. It's scalable and it's diversified. And, of course, it's growth focused. We have a strong balance sheet to deliver on this strategy, and our ambition is to establish at least 500 megawatts of new geo energy and green hydrogen assets by 2030. We've got a very active pipeline of news flow ahead, and this is gonna be about expanding our product offering for the energy transition. It's gonna be about replicating and scaling up our green hydrogen development, and it's also gonna be about building strategic partnerships to secure and develop other low carbon projects.

24:57 So we believe this is an extremely exciting time for GETECH. It's an extremely exciting time for the markets that we are operating in. And we as a team are single mindedly focused on securing opportunities, bringing them into the portfolio, and we're very excited to be having the opportunity to update on that progress as we move through the balance of this year. So that concludes the the presentation. Now we'll move to answering some of the questions that have come in. Jonathan, Andrew, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated in the top right hand corner of your screen.

25:46 But just while Jonathan and Andrew take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published Q and A can be accessed by your investor dashboard. As you can see, we've received a number of questions throughout today's presentation, and thank you to all the investors for submitting those. Jonathan, could I just ask you to read out those questions and give response to where it is appropriate to do so? And then I'll pick up from you both at the end. Yep. Absolutely. So we've talked a lot in the presentation about strategic relationships. And the first question I see here is, can you expand on the strategic alliances as you reference exclusivity and what this relates to and the benefits of these alliances to the company.

26:32 I think probably the best way of doing that is to maybe just jump back into one of the slides and talk about a specific project, and then we can talk a little bit more more more broadly as well. So just going back to the Shoreham and Inverness slide here. So on the the right hand side of each slide, you know, there are a number of other organizations mentioned here. And these are all people that we view as strategic partners on these projects. And if I look at Inverness, for instance so I mentioned that Inverness is ideally suited to connect to collect to capture the rail market. To give you an idea of why that's important, if you refuel a hydrogen truck, you're probably talking about, you know, 10 or 15 kilos of of of hydrogen consumption. If you refuel a train, you're talking about 200 kilos, perhaps as much as three or 400 kilos for a single refueling.

27:34 So this is a really important anchor market. And before we announced Inverness, we put out an RNS that talked about an agreement we have with Evershult. Evershult is one of the largest rail rolling stock providers in The UK, and we are working with Evershult to, you know, plan and develop the decarbonization of rail networks with a particular focus of Scotland and the Highlands. And when we announced that at the time, it was a kind of interesting piece of information. But now, of course, in the context of this Inverness hub, the real value of that strategic partnership becomes a bit more obvious. SGN, of course, you know, we've had a long standing relationship with them with assets across the the The UK both in Scotland and Southeast England. And, again, this is a great relationship where we have exclusivity over a large number of land assets, and we're bringing those through into the the development pipeline.

28:36 And the Howland Council is an opportunity to then scale this. So this is really bringing together partnerships that all help us progress this sort of decarbonization agenda led by hydrogen in in in the Highlands. We can also look at Shoreham as an example. As I said, the port is not just where our hydrogen development is located, but Port Of Shoreham is a strategic partner here because they are an important potential off taker of our hydrogen. Equally, we have high high end engineering companies around us such as Ricardo. And we also have organizations like Local Fuels who is a local distributor of petroleum products who operates out of the port.

29:24 But equally, we see a role here working with them as we expand the the radius of influence of the Port Of Shoreham. So, again, bringing all these partnerships together, it gives real focus and momentum. And, of course, for us, it's all about derisking that path to profit. And as we bring these relationships together, it's really focused on defining the tangibility of these profit projects, and these are things that we can report back to with shareholders. And these are examples in hydrogen, but I can show you more examples in terms of geothermal, in terms of, you know, how we work in in critical minerals. And it's really, I think, the most important thing about opening up these strategic relationships is on day one having something of value to bring to that party to talk about.

30:13 And that can be our geospatial expertise. It can be our geoscience data and and software. It gives a real reason for people to talk to us. It helps credentialize us as a company, and we can then turn that into a much broader set of strategic relationships that we can then start monetizing. So I hope that gives a bit more detail on on the strategic nature of these things. Another question here, how advanced the talks for new projects to come on board? Clearly, you know, they're not in the public domain until we announce them. But as you've seen in terms of those government targets, there's tremendous momentum in the hydrogen sector.

31:00 And we are getting a reputation as an organization that gets things done. And, you know, we wanna be judged by our our actions and the progress we make, and we've that lands extremely well in that commercial transport market. What we're also seeing though, of course, as I said, is that that is broadening out into other aspects of of hydrogen supply. We're building on the reputation that we have now in commercial transport. And, you know, that means there's a really good momentum around our broader conversations. The same is true, of course, in geothermal where we're opening doors with our heat seeker product, and we're we're talking to to organizations about the deployment of that, but also potentially about, you know, strategic more strategic collaborations.

31:51 So, you know, we have a a a good full hopper. I'm confident that there's a lot of interesting things to to bring to the fore through announcements over the course of the next sort of six to twelve months, you know, across the balance of this year. So, you know, we're we're pleased with the the health of our hopper and the momentum of projects through it. There's another question here about our IP. How well protected is our IP around our software and the technology?

32:23 We've been a software and data provider for a long time. And so, you know, what we have is is well protected. It's well defined and and well protected. I think also the other thing here is is that the way we deliver our information has evolved as well. And with so much more cloud based delivery of information, it gives us the ability that, you know, we can switch off our products if, you know, there's a there's a there's a, you know, any any issues around their deployment. And that gives us a lot of control over how we deploy our technologies and how we commercialize them. So certainly, you know, we're we're we're we're, you know, pleased with the protections we have in place. We're also pleased with the the commercial control that we have in place around those products.

33:22 There's a question about what competition we're experiencing around hub locations. Of course, this is a space that is getting more crowded. You know? There's a tremendously exciting opportunity here. But to be perfectly honest, we welcome competition because, you know, what we are you know, the thing about hydrogen, for instance, is that, you know, the the bottleneck here in terms of the adoption of hydrogen is not the technologies to generate hydrogen. It's not the technologies to store hydrogen. It's not the technologies to dispense hydrogen. It's about the establishment of infrastructure. And we are working to establish regional networks. And to do that, though, we also need other people investing in this market. And the way I tend to look at it is that when I see other ambitions or new projects, you know, I welcome them. And when I look at people's ambitions, I think, well, you know, if company x wants to build 20 plus hubs, let's make sure that those hubs are in our portfolio first, which means that we are, you know, central to to people's growth strategies as well. So, really, you know, for us, it's about getting out there, identifying opportunities.

34:45 But what wins us those opportunities is being, you know, a highly credible and results focused partner in the development of those projects, and and that is standing us in very good stead at the moment. There's a question about what of our 500 megawatt target would be delivered if all the SGN sites were were developed. I think that's not necessarily that's probably not the way we look at it, right, which is that the SGN sites are at the top of the hopper. And we capture those sites, we review them, we move them through the the project development funnel.

35:31 And we have when we announced Inverness, we announced at that stage that some of the SGN sites we had removed from the funnel, but we also announced that we'd added new sites in. And I think this speaks to the ongoing collaboration with SGN. It's a, you know, a dynamic live thing. Of course, you know, I've I've said in this presentation that, you know, the two sites we've identified would be 10% of our ambition. So clearly, you know, if we can find, you know, you know, more of those sites, you know, the those are the kind of you know, each one is about a 5% step in terms of our our our 500 mega megawatt ambition.

36:18 But I think the thing here really is to kind of step back from it all and think a bit about what this all means and what it could be worth. And I would point you towards SENCOS's research where they look at what the economics of a 10 ton a day project could look like. And their assessment of that is that a 20% equity share for us as an organization could lead to revenues of 6,000,000 and an EBITDA of 2,000,000. So I think that highlights that just one of these projects is really transformational to us as we are today. And that by setting an ambition of 500 megawatts, there's a lot of value scaling here and a lot of transformational potential to to to to bring to our shareholders.

37:05 And to put it all back maybe into a broader market context, you know, if we were to deliver 500 megawatts just in The UK in hydrogen, you know, we would be something like well, we would be 10% of the government's twenty thirty green hydrogen ambition. And I think that makes us a real a real real you know, a proper player. It also highlights that the numbers we're putting here are not unreasonable, and particularly when placed in the context of international markets and the work we're doing to expand beyond The UK as well. I think there's an awful lot of running room here for us to to to grow value from across our opportunity pipeline. There's a question about CapEx and and and funding these projects.

37:59 And I think there's two points that I would make here, and I reiterate these points. I think we've said them on on calls like this before. First thing about these projects is is that they scale up with time. And so if you are establishing a 10 ton a day hub, you don't have to build 10 tons on day one. Actually, all of the equipment here, the electrolyzers, the storage, the refueling is all modular. And so what you would do is is that you would build a little more than your anchor customer demand, you know, for for the first phases. And then, you know, this is this important point about securing these anchor customers that help derisk your initial capital investment. And so we would see a a a scaling of CapEx through time.

38:48 The kind of figures that have been using in in their notes is, you know, start up CapEx that I'm I'm just quoting their table here, 8 to £13,000,000 on a 10 ton a day project, but then scaling up from there. Now I think the important thing is is that there are you know, we're not just building a development portfolio. We're building a development capital structure around all of this as well. And we've talked in the past that there are various elements to this that we are progressing. We don't look, you know, to subsidy, if you like, from a government point of view, but it would be very unusual for government not to be deploying capital into these emerging value chains. And, of course, we're seeing that happening now. So there's there's grant based funding.

39:37 We also, of course, are talking to strategic partners. You know, I've I've mentioned a number of them here. They can also be funding partners. Remember that, you know, we've we've talked about this in the past. And some of those strategic partners, of course, can also be some of our foundation original customers. You know, we're seeing oil and gas companies deploying, you know, significant capital into into hydrogen growth projects as well. And then the final part, of course, is infrastructure. And these projects do have a degree of venture risk. Of course, they do. You know, we're talking about moving markets from diesel, if you like, into hydrogen. But with time, we will see more infrastructure money coming to be deployed. And I think we're already seeing some evidence that, you know, infrastructure can't wait too long.

40:25 Because if infrastructure waits too long, then it will get left behind, and it will have to be catching up through buying not just exposure to projects, but exposure to pipeline as well. And that's why it's really important that we are progressing these defined projects for Inverness and Shaw and turning over our capital, but also building, you know, full and rich and valuable hopper of opportunities as well that sits behind Inverness and Shaw. And then I've got one last question, I think, here, looking at the list, which is about carbon capture. And the question is, is carbon capture a focus for GETECH moving forwards? And I think this is a really good example of where our foundation products are moving forward with our original customers' needs.

41:21 And, you know, we've obviously worked closely with the petroleum industry through through our history to date. And the petroleum industry today is focused on, you know, obviously generating returns from the hydrocarbons part of its part of its portfolio, but it has to do that by securing production from the lowest, you know, the most sustainable, lowest carbon assets. And part of that is about the integration of these projects into into carbon capture. And we have worked for years now, of course, helping people understand how fluids reside underground and how they move underground and various different other controls like, you know, temperature variation and things like this.

42:13 We also have helped people understand what keeps hydrocarbons down there. What's the lid that stops the hydrocarbons escaping? And all of these things are can be translated into storing carbon underground. And so we can find a lot of value in our existing products and data that we are being able to transfer into carbon capture. And I mentioned earlier on that in our locate business, we are working on carbon storage opportunities in The UK and internationally as well. So it's a good example of how we can grow with our customers as well. The other point I would make about that, though, of course, is that it's not just carbon that can be stored underground.

42:59 There is also an opportunity to store other things such as hydrogen. And so there's an opportunity here for us as a hydrogen business to, you know, integrate more into that subsurface IP as well and to look at opportunities in terms of hydrogen storage, which can be really important in terms of establishing and promoting, you know, global trade in in in hydrogen as well. So we've picked these sectors as our core focus because the jump from what we have done traditionally to these new markets is relatively small, but also because we see in these markets really important sets of growth opportunities that we can use to scale our organization and build value.

43:44 And it's these sort of steps that we're really excited about reporting on in in in the coming months. And, you know, we we we really look forward to doing that. So I think we've kinda gone through the list of q and a now. So thanks very much for those questions. Jonathan, thank you for that. And I think you've actually addressed all those questions from investors, and we'll publish those responses on the investor meet company platform. But just before redirecting investors to provide you with their feedback, which are particularly important to the company, Jonathan, could I just ask you for a few closing comments? Yeah. Sure. I said at the start, you know, this is a really exciting period for us as a company, and it's a really exciting period for the markets that we work within.

44:32 You know, I think that the the the the the challenges and the opportunities of global decarbonization are very large, and we are uniquely well positioned to be working with our customers and building development opportunities in and around our our our focus areas. And this is something I believe very strongly at the time of the equity raise, you know, where most of what I was talking about was the path of sustainability and and and and decarbonization and our role in that. But I think it's even more than that now because it's also about the path of energy security. And the the the the geopolitical dynamics of, you know, the world that we live in really need this jewel success from both delivering sustainability and energy security.

45:27 And certainly as an organization, we are seeing ourselves, you know, squarely well positioned to grow in those markets and deliver transformational growth for our shareholders. So, you know, it's an exciting time. There's a lot of momentum, and we look forward to updating people in the coming months. Jonathan, Andrew, thanks once again for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few minutes to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of GETECH GROUP PLC, we'd like to thank you for attending today's presentation, and good morning to you all.