REG - Cindrigo Hldgs Ltd - Extension of Worms Exploration Licence

Cindrigo HoldingsAnnouncement

14/11/2025 07:00

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RNS Number : 5147H  Cindrigo Holdings Limited  14 November 2025

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INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

14 November 2025

 

Cindrigo Holdings Limited

('Cindrigo', the 'Company' or the 'Group')

 

Extension of Worms Exploration Licence

 

Cindrigo Holdings Limited, a sustainable baseload energy developer and
producer, is pleased to announce that the Mining Authority (the "Authority")
in Mainz, Germany, has formally approved the extension of the exploration
licence for the geothermal project area situated in the Upper Rhine valley in
Germany known as Worms (the "Worms Licence").

 

The Worms Licence has been extended for one year until 28 November 2026. As
part of the extension, the Group must complete sub-surface studies in
compliance with obligations under its exploration plan to reach "Ready to
Drill" status. It must also submit a preliminary environmental impact
assessment ("UVP-Vorprüfung") to the Mining Authority by that date.

 

This UVP-Vorprüfung represents an early-stage environmental review that
evaluates the potential impact of proposed geothermal exploration and drilling
activities. It includes baseline environmental studies, consultation with
local stakeholders and authorities, and initial technical assessments of
drilling sites and surface facilities.

 

Completion and approval of the UVP-Vorprüfung is a key prerequisite for
advancing to the next stage of permitting, which will include detailed
environmental impact analysis and subsequent production licencing.

 

The Worms License extension enables Cindrigo to press ahead with ongoing
preparatory, geological and technical work, and represents another significant
step in the Company's German geothermal development programme. The Worms
License is one of three geothermal licences in which the Group holds an 85%
interest in the Upper Rhine Valley, a well-established geothermal production
area in Germany.

 

The Company's licence extension for the Eich project area, as detailed in the
Company's prospectus, has already been approved for a one year extension by
the relevant regulator and remains valid until September 2026. The application
to extend Cindrigo's third area, the Weinheim licence, is underway and
progressing well.

 

Collectively, the Worms, Eich and Weinheim licences cover approximately 125
km².This combined area forms the core of the Company's current geothermal
development strategy in Germany, with a staged plan targeting c. 300 MW of
capacity across district heating and electricity generation and lithium
extraction where this is supported by reservoir characteristics.

 

Lars Guldstrand, CEO of Cindrigo Holdings Ltd, commented: "Securing the
extension at Worms is another important milestone for us in Germany. The area
has strong geological characteristics, sits within a proven geothermal
corridor, and benefits from one of the most supportive policy environments in
Europe.

 

"We now have regulatory clarity in respect of two of our three current
projects in Germany, and we are progressing well towards renewal of the
Weinheim licence. Together, these three licence areas form a meaningful
development zone where we can move forward with environmental and permitting
work, finalise engineering design, and prepare for the drilling phase of the
projects.

 

"With district heating demand rising and electricity prices supported by
long-term tariffs, Worms represents a scalable, long-life clean energy
opportunity. The extension enables us to progress the environmental and
technical work needed for full permitting and first-phase heat production.
Alongside Eich and Weinheim."

 

Background

The Worms Licence is one of three licences in which the Group has an 85%
interest across the Upper Rhine Valley, one of Europe's most geothermally
developed and well-documented regions. These licenses have an initial targeted
capacity of c. 85 MW and a longer-term development plan of c. 300 MW.

 

The Upper Rhine Valley is considered one of the strongest proven geothermal
zones in Europe, with:

·      More than 400 historical oil and gas wells

·      Over 20 deep geothermal wells drilled

·      Proven geothermal water temperatures above 200°C

·      Established local infrastructure for district heating and power
distribution

·      Favourable lithium rich brines

 

Recent successes in the Graben-Neudorf geothermal project, just north of the
licensed area, continue to demonstrate the zone's potential, including
high-temperature reservoirs and lithium-bearing brine. This supports
Cindrigo's multi-phase development plan, designed to unlock value in stages:

1.   Heat supply for municipal district heating and industrial users

2.   Lithium extraction, where commercially viable

3.   Electricity generation exported to the grid

4.   Additional wells drilled as operating data confirms resource
performance

 

The business model is asset-backed and revenue-generating from the first
operational phase, before expanding into power and lithium.

 

Supportive policy environment and strong economics

The German Government has set a national objective to produce 10 TWh of
geothermal energy by 2030, requiring more than 100 new geothermal plants. This
makes Germany one of the fastest-developing geothermal markets in Europe,
supported by:

·      CAPEX subsidies for heat infrastructure of up to 40%

·      Insurance to de-risk drilling

·      Government-underwritten funding for geothermal projects

·      Long-term fixed tariffs, including c. €250/MWh for electricity

·      Rising municipal demand for district heating as coal and gas are
phased out

 

These policies materially reduces development risk and strengthen project
economics, making geothermal one of the few sources of stable, baseload
renewable energy.

 

**ENDS**

 

For more information please contact:

 

 Cindrigo Holdings Limited                         lg@cindrigo.com

 Lars Guldstrand, CEO

 Beaumont Cornish Limited (Sponsor)                Tel:  +44 (0) 207 628 3396

 Roland Cornish / Asia Szusciak / Andrew Price

 Capital Plus Partners Limited (Broker)            Tel: +44 (0) 207 432 0501

 Jonathan Critchley                                JC@capplus.co.uk (mailto:JC@capplus.co.uk)

 St Brides Partners (Financial PR)                 cindrigo@stbridespartners.co.uk

 Paul Dulieu / Charlotte Page / Will Turner

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Sponsor as
defined in the FCA UK Listing Rules and is authorised and regulated by the
FCA. Beaumont Cornish Limited is acting exclusively for the Company and for no
one else in relation to the matters described in this announcement and is not
advising any other person and accordingly will not be responsible to anyone
other than the Company for providing the protections afforded to clients of
Beaumont Cornish Limited, or for providing advice in relation to the contents
of this announcement or any matter referred to in it.

 

Notes

Cindrigo is a renewable energy developer and producer that is building a high
capacity, clean baseload power generation portfolio across Europe. This
includes a 110 MW biomass combined heat and power plant in Finland and three
geothermal energy projects in Germany. Alongside this, the Company maintains
an active development strategy with several additional renewable energy
projects and licenses under evaluation.

 

Cindrigo has a clear vision to create shareholder value by delivering clean
baseload power solutions that address two global priorities: meeting rising
energy demand while improving environmental outcomes.

 

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