The first contract is a strategic joint venture exploration agreement with a new customer partner, whilst the two additional contracts were secured with existing exploration clients.

Under the joint venture exploration agreement, Getech will collaborate with a major European global industrial and energy company, and the other two contracts will screen for natural hydrogen and hydrogen storage projects in Eastern Europe and the US.

In collaboration with the unnamed European company, Getech will locate and develop economic natural hydrogen accumulations. In addition to earning fees for its exploration services, the company will earn a 5% equity interest in any licenses obtained in a designated area and ‘carried’ through the exploration phases, including field sampling and exploration drilling.

The multi-year programme will see Getech apply its natural hydrogen location solution and its machine learning algorithms to find ‘digital signature’ matches in its data to predict the location of new natural hydrogen accumulations.

Read more: Getech unveils natural hydrogen deposit detection service

Once identified, the company will use its experience to determine the migration and trapping of hydrogen through the earth to identify subsurface reservoirs where hydrogen may have accumulated. This will be followed by result verification and the new customer will take the lead on subsequent exploration drilling and development activities.

“These transactions build on a good start to the current financial year and of course, further expand our expertise in helping our customers seek out natural hydrogen,” said Richard Bennett, CEO of Getech.

“We are also delighted to have signed another equity joint venture agreement with a leading energy company, supporting its search for this new but potentially game-changing resource and sharing in the upside, if we are successful.”