Getech, the geoenergy and green hydrogen company, has signed a $1.1 million multi-year contract with a major international energy company for its ‘Globe’ platform and launched the next generation of this innovative tool that models the Earth’s evolution over the last 400 million years.
The new Globe sale demonstrates the continued strong demand for Getech’s products. Approximately one third of this revenue will be recognised in the current financial year, with the balance over the subsequent two-year period. Alongside other recent contract wins, this gives additional visibility into the longer-term sales growth of the business.
Globe synthesises geoscience data into a 'digital twin' of the Earth - modelling geologic, climatic, and oceanographic systems to provide unique insight into the processes that locate and concentrate energy and critical mineral resources, which are essential to the delivery of a sustainable and secure energy transition.
The upgraded Globe 2022 has new content and functionality to deliver even more value for customers across transitional petroleum, critical minerals, geothermal and Carbon Capture and Storage (CCS) markets. Featuring a new dynamic plate model and innovative approach to understanding sediment supply which are key to locating critical minerals, the platform also determines optimal CCS and geothermal locations to support global decarbonisation.
Getech's Chief Executive Officer, Dr Jonathan Copus, commented:
"We are encouraged by the continued strong demand we see for our products, delivering growth in revenue generation, but also importantly providing a strong base from which we can further explore strategic partnerships and opportunities to expand Getech’s own portfolio of low carbon assets.
The success of the global energy transition is reliant on a diverse range of solutions facilitated by the rapid development and application of technology and a significant increase in critical minerals supply. Getech’s Globe platform provides an excellent example of our ability to combine decades of experience and innovation with leading geoscience data to meet mounting market demand. Thanks to its fundamental role in de-risking natural resource exploration projects, Globe is optimally placed to accelerate the pathway to net zero.”
KeyFacts Energy Industry Directory: GETECH