Getech Group PLC on Wednesday said it has won eight new contracts worth £1.8 million in total.

Shares in the Leeds-based geo-energy and green hydrogen company jumped 31% to 6.90 pence each in London on Monday morning.

Getech said the deals, which comprise subscriptions to its Globe platform, geoscience data, and consulting services, will contribute £600,000 in revenue for 2023.

This includes a three-year renewal contract for Globe from an unnamed Asian energy company, as well as its first global licence subscription for its Data Assistant software, which was signed with a US energy firm.

Globe ‘facilitates the exploration and location of subsurface resources that are vital for the energy transition, including carbon storage, geothermal, natural hydrogen and critical mineral assets’. Data Science ‘enables customers to easily transfer geoscience data into their existing project workflows leading not only to efficiency cost-savings but also to better geospatial decision making’.

Getech added that it expects revenue for 2023 to be £4.0 million, down 22% from £5.1 million a year ago.

Looking ahead, the firm said it enters 2024 with a ‘strong pipeline.’

Chief Executive Officer Richard Bennett commented: ‘Entering 2024 with our substantially reduced cost base, increased order book and growing ARR means the business is undoubtedly better placed following a year of transition in 2023.

‘We have also invested in expanding our exploration capabilities, targeting resources associated with the energy transition. The recent COP28 demonstrated again the world’s commitment to phasing down fossil fuels and in 2024 we expect to benefit from this by helping our customers locate the subsurface future facing resources such as critical minerals and geothermal projects that are so vital to the energy transition.’

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