Business
Progress update on German geothermal licences
Cindrigo Holdings Limited has received positive updates regarding its German geothermal licences, with the Eich and Worms licence areas extending their eligibility for BAFA BEW Module 1 funding until February 2027, and the Weinheim licence area approved for the first time. This funding covers up to 50% of eligible pre-development costs, capped at €2 million per licence, with approximately €300,000 in qualifying expenditure incurred to date. Furthermore, progress on the Heat Demand Feasibility Study for Eich is advancing, a key step towards potential eligibility for BEW Module 2 funding, which could provide grants of up to 40% of eligible project costs, up to €100 million. The company holds an 85% interest in these licences, which have the potential to support significant district heating and electricity generation capacity. Disclaimer*
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n14 May 2026\nCindrigo Holdings Limited\n(\"Cindrigo\", the \"Company\" or the \"Group\")\n \nProgress update on German geothermal licences\n \nCindrigo 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.\n \nHighlights\n· BAFA BEW Module 1 funding eligibility extended for the Eich and Worms geothermal licence areas\n· Weinheim licence area approved for BAFA BEW Module 1 funding eligibility for the first time\n· BEW Module 1 provides grants covering up to 50% of eligible pre-development costs, subject to a maximum of €2 million per licence.\n· Work on the Heat Demand Feasibility Study for Eich is progressing, supporting future eligibility for BAFA BEW Module 2 funding\n· 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\n· Exploration and preparation work across the geothermal licence portfolio in Germany continues to advance\n \nLars 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...