REG - Cindrigo Hldgs Ltd - Progress update on German geothermal licences

Cindrigo HoldingsAnnouncement

Thu 07:00

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RNS Number : 2435E  Cindrigo Holdings Limited  14 May 2026

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14 May 2026

Cindrigo Holdings Limited

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

 

Progress update on German geothermal licences

 

Cindrigo Holdings Limited (LSE: CINH) is pleased to provide an update on the
progress of its interests in German geothermal projects, including updates
regarding eligibility of funding support from the German Federal Office for
Economic Affairs and Export Control ("BAFA") under the BEW programme
(Bundesförderung für Effiziente Wärmenetze, or Federal Funding for
Efficient Heat Networks) across the Eich, Worms and Weinheim licence areas.

 

Highlights

·    BAFA BEW Module 1 funding eligibility extended for the Eich and Worms
geothermal licence areas

·    Weinheim licence area approved for BAFA BEW Module 1 funding
eligibility for the first time

·    BEW Module 1 provides grants covering up to 50% of eligible
pre-development costs, subject to a maximum of €2 million per licence.

·    Work on the Heat Demand Feasibility Study for Eich is progressing,
supporting future eligibility for BAFA BEW Module 2 funding

·    Under the current German governmental framework, BEW Module 2 may
provide grants covering up to 40% of eligible project costs, up to a maximum
of €100 million

·    Exploration and preparation work across the geothermal licence
portfolio in Germany continues to advance

 

Lars Guldstrand, Chief Executive Officer of Cindrigo, commented: "Germany is
actively encouraging the development of renewable district heating
infrastructure, and the BAFA-administered BEW programme forms an important
part of that strategy. The extension of BEW Module 1 eligibility support for
Eich and Worms, together with the first-time approval for Weinheim, highlights
the continued commitment of the German state to supporting the development of
renewable district heating infrastructure which aligns strongly with the
development of our geothermal interests.

 

"These programmes are designed to support the early-stage technical and
feasibility work required to develop large-scale renewable heat networks.
Importantly, they significantly reduce the pre-development costs across each
licenced area and help reduce project risk as the projects move through the
exploration and planning phases.

 

"Work on the Heat Demand Feasibility Study for Eich is also progressing well.
This represents an important step toward potential eligibility for BEW Module
2 support, which is focused on the future construction and expansion of
renewable district heating infrastructure.

 

"Germany remains one of the most supportive geothermal markets in Europe and
we believe our licenced interests are well positioned as the country continues
to accelerate the transition toward secure, renewable energy and low-carbon
heat networks."

 

BAFA BEW Module 1 support

The Company confirms that BAFA BEW Module 1 funding support for the Eich and
Worms licence areas has been extended until 25 February 2027.

 

In addition, the Weinheim licence area has now been approved for BAFA BEW
Module 1 funding for the first time.

 

The BEW programme, administered by BAFA, forms part of Germany's federal
support framework for the development and transformation of low-carbon
district heating systems.

 

BEW Module 1 funding supports transformation plans and feasibility studies
relating to the development or conversion of district heating systems serving
more than 16 buildings or 100 residential units. The programme is designed to
assess the technical and economic feasibility of heat networks capable of
supplying at least 75% renewable energy and waste heat.

 

Under BEW Module 1, eligible projects may receive grants covering up to 50% of
qualifying pre-development costs, subject to a maximum funding amount of €2
million per licence. To date, approximately €300,000 of qualifying
expenditure has been incurred on the projects.

 

BEW Module 1 approvals are subject to defined programme periods, typically 12
months, following which further applications or extensions may be sought
subject to the application programme criteria and approval process.

 

Progress toward BEW Module 2 eligibility

The Company also confirms that work on the completion of the Heat Demand
Feasibility Study for the Eich licence area is progressing.

 

Completion of this study is expected to represent a key requirement in
supporting future eligibility for BAFA BEW Module 2 funding.

 

BEW Module 2 provides system-level support for the construction of new
district heating networks supplied by at least 75% renewable energy and waste
heat, as well as for the transformation of existing district heating networks.

 

Under the current framework, BEW Module 2 may provide grants covering up to
40% of eligible project costs, up to a maximum of €100 million.

 

Development pathway

Cindrigo holds an 85% interest in the Eich, Worms and Weinheim geothermal
licence areas in the Upper Rhine Valley.

 

Exploration and preparation work across the portfolio continue to advance. The
licences cover approximately 125 km² and the licenced areas have the
potential to support approximately 300 MW of district heating and electricity
generation, together with potential future lithium extraction from geothermal
brine. Further exploration and development of the German geothermal licences
is subject to further funding required.

 

The geothermal development pathway includes sub-surface studies, independent
technical assessment, permitting and regulatory progression, heat demand
analysis and preparation for future drilling and development activities.

 

The order and pace of development remain subject to ongoing technical and
commercial evaluation as additional data becomes available.

 

Outlook

The Board believes that the combination of Germany's supportive regulatory
framework, growing demand for low-carbon heat solutions and available
development support mechanisms provides a favourable environment for the
long-term commercial development of the Company's geothermal portfolio.

 

Cindrigo remains focused on progressing its geothermal portfolio through
clearly defined development stages and will continue to update shareholders as
further technical, regulatory and funding milestones are achieved.

ENDS

 

To sign up for future news and updates from the Company please subscribe here:

 https://www.cindrigo.com/mailing-list/
(https://www.cindrigo.com/mailing-list/)

 

For further information, please visit www.cindrigo.com
(http://www.cindrigo.com) , follow us on social media (LinkedIn
(https://www.linkedin.com/company/cindrigo/) and X (https://x.com/CindrigoH) )
or contact:

 

 Cindrigo Holdings Limited

 Lars Guldstrand, CEO                          LG@cindrigo.com (mailto:LG@cindrigo.com)

                                               Tel: +44 (0) 740 886 1667
 Beaumont Cornish Limited (Sponsor)

 Roland Cornish /Asia Szusciak /Andrew Price   Tel: +44 (0)207 628 3396

 Capital Plus Partners Limited (Broker)

 Jonathan Critchley                            Tel: +44 (0)207 432 0501

 St Brides Partners (Financial PR)

 Paul Dulieu / Charlotte Page                  cindrigo@stbridespartners.co.uk (mailto:cindrigo@stbridespartners.co.uk)

 

Further Information

Cindrigo is a sustainable energy developer with a portfolio of projects that
support Europe's transition to a secure, affordable, and sustainable energy
future. This includes an integrated biomass operation in Finland and three
geothermal energy licences in Germany. Alongside this, the Company maintains
an active development strategy with several energy projects and licenses under
evaluation.

 

The Company has a clear vision to create shareholder value by delivering
secure, sustainable, affordable energy solutions that address three global
priorities: meeting rising energy demand, providing energy security and
improving environmental outcomes.

 

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.

 

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