Reward Finance Group has secured a £500,000 funding deal to support the strategic growth plans of GETECH, an AIM-listed company dedicated to reducing the global carbon footprint through subsurface energy and mineral resource exploration.
Getech, based in Leeds, specialises in data-mapping natural resources, including metals, minerals, and geothermal energy. Formed in 1986, the company leverages its geoscience data and unique geospatial software to accelerate the transition from fossil fuels by developing and leading geo-energy and natural hydrogen projects.
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The funding from Reward Finance Group, which provides tailored business finance loans and asset-based solutions of up to £5 million to property investors and SMEs, will enable Getech to invest further in its data capabilities and adopt a novel approach to locating metals in previously unexplored territories.
Andrew Darbyshire, Chief Financial Officer of Getech, said: “We’re at a pivotal stage of our business growth and needed an agile funding solution that ensures we don’t stand still. It’s critical that we continue to diversify, explore new market opportunities within green energy, and remain focused on our core goals of finding the natural resources vital for the energy transition.”
Harriet Gibbs, Business Development Director for Reward Finance Group in Yorkshire and the North East, expressed pride in supporting Getech’s mission: “Helping provide working capital to such an innovative business that is working tirelessly to reduce the globe’s dependence on fossil fuels makes us immensely proud. The company had experienced a difficult process with the mainstream banks and needed to both turn to alternative finance and identify a lender with the right experience and expertise.”
The deal was brokered by Bob Maxwell of BTG Advisory, part of Begbies Traynor plc. Getech plans to use the funding to support its innovation programme and enable businesses globally to meet their Environmental, Social and Governance (ESG) targets by providing expertise across various energy sectors, including geothermal, hydrogen, wind, and solar energy.
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By GlobalDataReward Finance Group has a regional presence in Leeds, Manchester, Birmingham, London, Dunfermline and Cardiff.
