Chairman replaced at listed energy tech firm
Posted on January 28, 2021 by Jonathan Symcox
The chairman of listed energy tech firm Getech Group is to be replaced amid board changes.
Richard Bennett will join Leeds-based Getech, a provider of data, knowledge and software products to the energy industry, as a non-executive director and chairman designate with immediate effect.
After a handover period, he will assume the chairmanship, with current chairman Dr Stuart Paton leaving the company’s board.
Getech’s market capitalisation stands at £12.4 million after a rally in recent days since it signed an exclusive strategic partnership with H2 Green to create a large-scale hydrogen generation, storage and refuelling hubs network in the UK that will support both public and commercial transport fleets.
Paton has been appointed chair of H2 Green, while Getech CEO Jonathan Copus has been appointed as a H2 Green non-executive director. The partnership includes an exclusive option for Getech to buy H2 Green for up to £1m.
Getech’s share price is now three-times its mid-December position, reaching levels seen between 2016-2018. It had plunged to an all-time low in Q2 2020.
During a 30-year career, Bennett co-founded and listed J2Global, an internet telecoms business currently valued at $3.5 billion, on the Nasdaq.
He has worked in executive, chairman and non-executive roles with a series of highly successful growth-focused technology and clean energy companies, currently including the AIM-quoted wireless technology company MTI Wireless Edge.
The firm says the appointment is the first step in a broader board transition process which will align its non-executive expertise with the company’s strategy of leveraging skills and technologies “to support the energy transition”.
Peter Stephens will step down from Getech’s board with immediate effect.
“I am delighted to welcome Richard to Getech and look forward to working closely with him,” said CEO Jonathan Copus.
“As the pace of the energy transition accelerates and our clients seek to rapidly develop low-carbon and renewable energy projects, we expect this to create substantial opportunities for Getech.
“As we extend Getech’s offering in the clean technology space and target ambitious growth, we are engaged in a process to develop the company’s board and management team to ensure that Getech has the necessary skills to support our current customers and attract new ones.
“The addition of Richard’s extensive City experience and his strong track record in growing technology, renewable fuel and agricultural companies is an important first step in this ongoing process.
“I also want to express Getech’s gratitude to Peter Stephens for his outstanding contribution to the company’s development. In 2005, Peter played a significant role in the flotation of the company on AIM and, between 2005 and 2011, served as Getech’s chairman.
“Peter’s wide-ranging business and market experience have been invaluable over the years, and we wish him the very best for the future.”
Bennett said: “I very much look forward to joining my new colleagues at Getech as the company embarks on its next stage of growth and expands its product proposition to support the global energy transition to a net-zero future.
“I see great opportunity to build upon Getech’s success in the petroleum industry and apply its extensive data and analytical skills across multiple emerging markets including hydrogen storage and infrastructure, geothermal, digital farming and carbon sequestration.
“I look forward to supporting the team’s ambitions and contributing to its journey.”