Engie continues geothermal push with acquisition in the Netherlands
ENGIE has announced the acquisition of Dutch geothermal developer and producer Hydreco Geomec in efforts to strengthen its power in the field of geothermal heat and become market leader.
In a release today, ENGIE has announced the acquisition of Dutch company Hydreco Geomec. With this acquisition, ENGIE becomes the market leader and strengthens its power in the field of geothermal heat.
Hydreco Geomec is a rapidly growing company in the field of geothermal heat development and production with a solid mission: to contribute to the transition to sustainable energy with geothermal heat. This mission fits perfectly with ENGIE’s ambition to take the lead in sustainable area development.
More clout together
“We complement each other very well,” says Jan Brandts, responsible at ENGIE for geothermal heat in the Netherlands: “ENGIE brings financial strength, greater development capacity and relevant experience from international and national projects. In the Netherlands, ENGIE is working on various geothermal heat projects for the built environment, such as in Utrecht (LEAN and GOUD), Nijmegen, Barendrecht and Haarlem ’.
Bas Evers, general manager of ENGIE Ventures & Integrated Solutions, agrees: “We are very enthusiastic about the new colleagues who bring great experience, drive, entrepreneurship and passion. Geothermal heat is an important renewable energy source that is available in the Netherlands. Thanks to this acquisition, we can broaden and deepen our services in sustainable heat to make the energy system of the future possible. ”
Peter Odermatt, managing director of Hydreco Geomec, is pleased with the strengthening of the clout: “It is good that ENGIE gives Hydreco Geomec the scope to continue operations and the approach used to further develop the joint potential from there. Hydreco Geomec applies the highest standards for geothermal heat that guarantee the safety of the subsurface and the sustainable nature of this form of energy. As an ENGIE subsidiary, Hydreco Geomec is active in the market in 2020 under the same name.
Value development area development
To make the Netherlands CO2 neutral, ENGIE uses various solutions for a sustainable energy system, including geothermal heat, heat and cold storage, heat networks, residual heat and decoupling. This also includes the generation of electricity with solar panels, wind turbines and the production of biogas and hydrogen. For each area, the right combination is worked out with and for companies and local residents, because ENGIE has extensive experience with the exploitation of sustainable energy systems. Thanks to the combination of the expertise of Hydreco Geomec and the effectiveness of ENGIE, the impact on the development, management and operation of new heat networks and WKO systems in the Netherlands is increased.
Source: Company release