GET Group and Hub Culture sign agreement to develop world’s first geothermal token

GET Group AB (publ.) (‘GET Group’ or ‘the Company’) signs Token Authority Agreement (‘Agreement’) with Hub Culture Limited (‘Hub Culture’) to develop the world’s first geothermal digital token (‘Token’) for the innovative GET Group

GET Group has partnered with Hub Culture and their Ultra Exchange platform to develop a closed loop utility token – the world’s first geothermal digital token. 

“This is an exciting new approach to capital funding that we are looking forward to explore together with Hub Culture,” says Lars Christian Beitnes, CEO of GET Group.

The initial framework of the Token will be presented in more detail by GET Group and Hub Culture during a joint geothermal press lunch at the ICE Hub Glasgow on 3 November 2021 (12:00 BST) during the UN COP26 Summit on climate change.

“Having developed Ven, the world’s oldest digital currency (2007), we are excited to have the world’s first geothermal token joining us on the Ultra Standard and Exchange,” says Stan Stalnaker, Founding Director at Hub Culture. “We see strong multi-faceted potential to integrate novel environmental and energy linked assets to new areas of energy production and digitization. Attributes like guarantee of origin, perpetual green energy and uncorrelated cash flow make the tokenomics of this project particularly substantive.” Stalnaker added.

“Following the development and listing of the Token on the Ultra Exchange, the one initial investment made by our shareholders becomes two – as a shared universal reward.” says Beitnes. 

GET Group is initially developing the framework and terms of the Token and plans to distribute a percentage of the Tokens to its shareholders on a pro-rata, opt-in basis. This is part of the Company’s closed loop token approach and it is the Company’s intention to distribute such Tokens free-of-payment. Such dividend needs to be resolved by a General Meeting. Through this approach, Get Group shareholders may benefit directly from future changes in the Token value, in addition to the indirect exposure to the Token value they already have as shareholders of GET Group.

In a rapidly changing world of token- and blockchain-based technology, this Token provides a fast and secure transaction structure with a verifiable, publicly available audit trail. GET Group’s mid- to long-term ambition is for the Token to offer interest-free financing to GET Group and its plans to take direct ownership in large geothermal infrastructure projects and sell energy with long-term offtake agreements to financially solid large energy users.

“For GET Group, the most obvious potential is to be able to bridge the gap between the current project portfolio reserve value and current equity value, in addition to having the potential for non-dilutive financing for our shareholders,” Beitnes added.

GET Group wants to build shareholder value at minimum dilution and cost to the shareholders.

“We have already communicated that GET Group will seek to raise capital the most efficient way and that our plan envisages real value creation for our shareholders. We are always actively seeking the best mix of financing alternatives from both conventional and new finance sources and believe this approach will enable GET Group to make a solid contribution to the current crucial transition to worldwide sustainable energy,” according to Beitnes.

GET Group will today file an application for a trademark registration for the name GET Group intends to use for its geothermal token and Hub Culture will start the initial work on preparing for a listing of the Token on the Ultra Exchange through its Authority issuance system using the Ultra Standard. The next phase of the project will extend the token through a network of bridges to secondary markets and public blockchain networks.

Utility tokens are cryptocurrency that represents access to a product or service. This does not mean that utility token holders have any ownership in the company behind it. Their value depends on the demand for the product or service they represent. Digital assets like utility tokens can be stored using a cryptocurrency wallet (similar to a private wallet) or an exchange storage (similar to storing cash in a bank).

“Closed loop” token in this context means the investors need to qualify as members of a closed circle to qualify for the rights. For GET Group’s shareholders this means being a shareholder on record date of the dividend. 

The Ultra Exchange is an end-to-end service from Hub Culture to help partners issue and trade a tokenized asset. Hub Culture will be responsible for development, production and presentation of GET Group’s Token for denominated products and services on the Ultra platform.

The Company will publish information about the terms of the Tokens when these terms are determined and publish a notice convening a General Meeting when Tokens are issued to the Company and ready to be distributed.

This is such information that GET Group AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the below contact person, for publication on 1 November 2021, 13:00 CET.

For further information, please contact:

Lars Christian Beitnes, CEO

Telephone: +46 8 1220 4146

E-mail: lars.beitnes@getgroup.se

Investor Relations: ir@getgroup.se

About GET Group:

GET Group AB (publ) (ticker symbol: GETG) is an investment company focused on energy and sustainability. We are creating the world’s most compelling listed ESG company, by owning and financing the unique technology companies that are committed to energy production and energy saving. Our mission is to actively contribute to the world’s transition to sustainable energy. GET Group AB (publ), c/o Mcon AB, Södra Larmgatan 4, SE-411 16 Gothenburg. For more information: www.getgroup.se | www.rock.energy | www.lightcircle.io

About Hub Culture

Hub Culture is a collaborative network behind an ecosystem of complementary technologies and services for the emerging digital era, including identity authentication, tokenization, digital exchange, and digital currency services. Ultra Exchange is an end-to-end service from Hub Culture to help partners issue and trade a tokenized asset. The asset could be backed by value, such as a stablecoin 100% backed by fiat currency, by contracts and information for more esoteric formulations, or issued as a reward, utility service or other form of value. Art, real estate, objects, and more can be tokenized using the Ultra Standard Asset Tokenization System. For more information: www.hubculture.com |https://ultra.exchange 

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