EQS-News

Daldrup & Söhne AG welcomes BMWK and KfW initiative on insurance solutions for deep boreholes

EQS-News: Daldrup & Söhne AG / Key word(s): Miscellaneous Daldrup & Söhne AG welcomes BMWK and KfW initiative on insurance solutions for deep boreholes 25.03.2024 / 09:48 CET/CEST The issuer is solely responsible for the content of this announcement. CORPORATE NEWS

 

 

 

 

Daldrup & Söhne AG welcomes BMWK and KfW initiative on insurance solutions for deep boreholes

 

• Insurance solution helps to tap the potential of geothermal energy in Germany on a large scale
• Daldrup has successfully used its own insurance concept for years in use for years

 

Oberhaching / Ascheberg, 25 March 2024 - Daldrup & Söhne AG (ISIN DE0007830572), drilling technology and geothermal specialist, supports the initiative of the Federal Ministry of Economics and Technology (BMWK) and the KfW development bank to establish a state-supported insurance solution for the so-called exploration risk for deep geothermal wells. The exploration risk refers to the risk that drilled boreholes in the subsurface do not reach the temperatures or yields (known as the "fill") of the aquifers assumed in advance. This measure is part of the "geothermal campaign", which the ministry presented at the end of 2022. KfW loans can already be applied for the realisation of deep geothermal projects, but the securing of the discovery has not yet been included.

 

Andreas Tönies, CEO of Daldrup & Söhne AG, welcomes the BMWK's plans to insure exploration risks: "A state-backed insurance solution will remove a major hurdle for municipal and private clients of deep geothermal projects. The rapid development of domestic geothermal energy is the decisive building block for the successful decarbonisation of the heat supply. Relevant studies assume that geothermal energy can provide up to 40 per cent of the heat supply. We should utilise this potential quickly. This is because geothermal heat offers a secure base load supply at the point of consumption, is virtually emission-free and can be realised in the smallest of spaces. Although it requires electricity for pumps, it is climate-friendly and more effective in the long term than any other heating method."