Daldrup & Söhne AG increases share in Landau geothermal plant to 75%

Geothermal power plant in Landau, Germany (source: flickr/ webguy63, creative commons)
Alexander Richter 18 Jan 2019

With the acquisition of the remaining shares, Daldrup & Söhne subsidiary Geysir Europe GmbH has bought all remaining shares in the operating company of the Landau geothermal plant, increasing the share of Daldrup & Söhne AG on the group level to 75 percent.

Geysir Europe GmbH, a subsidiary of Daldrup & Söhne AG, has increased its stake in the operating company geox GmbH. Geysir Europe GmbH now holds 100 percent of the shares in the operating company of the power plant in Landau, after acquiring the remaining 10 percent from EnergieSüdwest AG. By the end of 2017, Geysir Europe had already taken over the 50 percent share in the power plant from Pfalzwerke AG. At group level, Daldrup & Söhne AG now holds 75.01 percent (previously 67.51 percent) of the power plant.

The Landau power plant has been generating electricity since it went into operation in the fourth quarter of 2017. After the first longer production phase in summer 2018, scheduled overhaul and repair work led to an interruption in production. Since the fourth quarter of 2018, the power plant has been successfully producing electricity again in line with expectations.

About Daldrup & Söhne AG – Listed Daldrup & Söhne AG is a specialist provider of drilling and environmental services in Germany. Its activities are divided into the business divisions Geothermics, Raw Materials & Exploration, Water Extraction as well as Environment, Development & Services (EDS). The Geothermics business division provides drilling services for near-surface geothermics (especially geothermal probes of heat pumps), along with drilling services for deep geothermics up to 6,000 m, in order to utilise the geothermal energy accessible in this way for electricity and/or heat generation.

The majority stake in Geysir Europe GmbH also gives the Daldrup Group its own fields of experience in the exploration of geothermal energy in the Bavarian Molasse Basin and in the Upper Rhine Plain. The existing project management and power station expertise means that all stages of value creation can be covered for a deep geothermics project.

The shares of Daldrup & Söhne AG are listed in the Scale (sub-segment in the open market of the Frankfurt Stock Exchange).

Source: Company release via DGAP