Daldrup & Söhne Wins EUR 16.8 Mln Deal For Geothermal Project, Backed By EUR 8.8 Mln Federal Grant

(RTTNews) - Daldrup & Söhne Aktiengesellschaft (4DS.DE), a Germany-based company that offers drilling and environmental services, on Monday announced that it has been awarded a contract worth about 16.8 million euros to act as general contractor for a deep geothermal doublet near Munich.

Construction of the drilling site is set to begin in September, with drilling work scheduled between December and May 2026.

Under the contract, Daldrup will drill two deflected deep geothermal wells with lengths of roughly 2,430 meters and 3,300 meters at the Geiselbullach cogeneration plant site.

Amperland Thermalwärme GmbH has secured a grant of 8.8 million euros from the German Federal Government's Efficient Heating Networks or BEW program to support the geothermal project.

The initiative will enable the expansion of the Olching municipal utility's district heating network and marks the first project in Germany to combine thermal waste utilization with geothermal energy, aiming to expand regional district heating supply in a climate-neutral way.

On Friday, Daldrup & Söhne closed trading, 0.77% lesser at EUR 12.95 on the XETRA.