Twenty20 Acquires Traunstein Geothermal Energy Project
T20 continues to expand its portfolio to enable transition to cleaner energy generation
SINGAPORE, March 27, 2023 /PRNewswire/ -- 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.
About Twenty20 Energy
Twenty20 Energy delivers innovative energy solutions that enable clients, partners, and stakeholders to accelerate the transition to a cleaner energy future. From concept development to operations and maintenance, Twenty20 Energy provides engineering, project execution and asset management through long term operations and management solutions, coupled with the capacity to provide funding or participate in shared project ownership. Uniquely positioned in the energy landscape, Twenty20 Energy has a global reach with local sensitivity, developing projects that deliver cleaner energy while empowering economic growth for today and beyond.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contact:
Joe Diaz
Lytham Partners, LLC
(602) 889-9700
[email protected]
SOURCE Twenty20 Energy
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