Underground natural resources finder Getech secures £500,000 funding

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Minerals and oil and gas-finding firm Getech has secured a £500,000 funding deal to fuel growth plans.

The Leeds firm – which offers tech to find natural resources underground – has agreed a working capital facility with Reward Finance Group which will be used to fund its data capabilities and adopt a new approach to finding metals in unexplored territories. Andrew Darbyshire, the chief financial officer at the AIM-listed business, described it as a “pivotal stage” in Getech’s growth.

The transition to low carbon technologies requires more metals than fossil fuels and Getech is hoping to capitalise on the demand by applying its expertise to the sector.

Last month, 2023 results for the firm were published, with chairman Mike Covington saying it had shown significant progress against a difficult backdrop. Getech told the London Stock Exchange that revenues had fallen to £4m from £5.1m the year before, and operating losses had widened from £3.1m to £5.1m.

Andrew Darbyshire, chief financial officer for Getech, said: “We’re at a pivotal stage of our business growth and needed an agile funding solution that ensures we don’t standstill. 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.

“The team at Reward have been hugely responsive, operating at speed and investing the time in really understanding our business to deliver a working capital solution that is bespoke to our short to medium term needs.”

Harriet Gibbs, business development director for Reward Finance Group in Yorkshire and the North East, said: “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.

“We get to work across a diverse mix of SMEs to help fund business growth. However, this partnership stands out given how much Getech’s core business goals and objectives align with our own ESG principles and initiatives. We’re committed to being a responsible lender that cares greatly about the environment and are looking forward to seeing the ongoing progress Getech makes on the world stage.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Underground natural resources finder Getech secures £500,000 funding

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