Twenty20 Energy, an integrated international energy provider enabling decarbonization and energy transition solutions through innovative technologies, today announced the acquisition of Petra Energy Holding Sarl, owner of the Traunstein Geothermal Energy Project, located in the Traunstein district of Bavaria, Germany. Specific details of the transaction have not been announced. The acquisition of the project was completed on December 30, 2022.
Petra Energy GmbH, a wholly owned subsidiary of Petra Energy Holding Sarl, to be rebranded as Bayern Renewables GmbH to better reflect its mission, will complete the development of the Traunstein Geothermal Project. The Project is anticipated to provide both district heating supply and electrical power generation to meet local needs for clean, reliable and sustainable energy. Geothermal energy is highly regarded in Germany as one of a number of renewable energy generation sources.
Early-stage modeling indicates the estimated capacity of the project is 20MWt of heating and 13MWe of power generation, helping to offset some of Germany’s current energy shortages which has caused the reactivation of a number of coal-powered electrical generation plants. The Traunstein Geothermal Project is an important step forward in continuing the transition to cleaner energy generation in Germany.
Geoff Lawrence, chief executive officer of Twenty20 Energy, said, “We are pleased to add the Traunstein Geothermal Energy Project to our diversified mix of energy projects. We identify opportunities to deploy cleaner energy technologies to address specific, targeted needs in a financially viable manner. Geothermal is a perfect fit in our strategy to provide environmentally friendly and renewable energy options that safely and reliably serve the regions in which we operate. Our solutions integrate the latest technologies while balancing financial and environmental imperatives, delivering energy where it is needed to support economic and social development mandates. We are excited with the opportunities ahead.”
Twenty20 Energy intends to expand the Traunstein Geothermal Project to include the headquarters of Bayern Renewables GmbH to house the engineers, project managers and other professionals required to deliver on the Company’s mission: the development of tailored, reliable, and economically viable solutions to enable the transition to cleaner energy. The Company expects that the headquarters will be its centre of excellence for expansion into other parts of Germany and Europe.
