CORPORATE NEWS

Daldrup & Söhne AG receives drilling order for the exploration of an aquifer storage facility from Hamburger Energiewerke GmbH

• Storage of industrial excess heat underground
• Order value in the upper one-digit million euro range in the event of full call-off of all services offered

Oberhaching / Ascheberg, 26 September 2022 - Daldrup & Söhne AG (ISIN DE0007830572), drilling technology and geothermal specialist, has been awarded a contract by Hamburger Energiewerke GmbH for the construction of a drilling site including execution planning and drilling of a well to explore a reservoir horizon and optionally a second well. The order value is in the upper single-digit million range, assuming full call-off of all services offered. Drilling is scheduled to start in November 2022, and the drilling length is planned to be approximately 1,600 m each. The first well is to be completed this year.

Board spokesman Andereas Tönies says of the drilling order: "Aquifer storage facilities are an important building block in the development of a climate-friendly heat supply. They increase flexibility through seasonal storage of thermal energy in natural underground reservoirs. The Tiefstack project in Hamburg will be a reference project for the secure supply of heat to the population and industry."

Second optional well for production wells

The client wants to construct a so-called aquifer storage facility at the Tiefstack site in Hamburg. This is to serve as a seasonal storage facility for surplus, climate-neutral excess heat from regional industrial and waste processing plants. The stored heat will then be fed into the district heating network of Hamburger Energiewerke as needed. The planned aquifer storage facility will serve as a demonstration plant to evaluate the usability of Hamburg's subsoil for heat storage, the storage performance and the collection of initial operational experience in integrating a deep heat storage facility into the district heating network. The contracting parties have also agreed to drill a second well if the production rate of the first well is proven to be sufficient. This is then to be developed into a production well.

Lively demand for the development of geothermal energy

Overall, the interest of municipalities, public utilities and private investors in the development and use of regionally available geothermal energy is lively. Daldrup & Söhne AG expects further major drilling orders in the coming quarters.

About Daldrup & Söhne AG

Daldrup & Söhne AG (ISIN: DE0007830572, WKN: 783057) with a corporate history spanning more than 75 years is a specialist provider of drilling and environmental services and ranks as one of the leading companies in Germany. Its activities are divided into the business divisions Geothermics, Raw Materials & Exploration, Water Extraction as well as Environment, Development & Services (EDS). The Geothermics business division provides drilling services for near-surface geothermics (especially geothermal probes of heat pumps), along with drilling services for deep geothermics up to 6000 m, in order to utilise the geothermal energy accessible in this way for electricity and/or heat generation. In the Raw Materials and Exploration business division, the bores made by Daldrup & Söhne AG serve for exploring and developing fossil fuel deposits (especially coal and gas) as well as mineral resources and ores (e.g. copper and gold). The Water Extraction business division comprises well construction for the extraction of drinking, service, curative, mineral, boiler-feed or cooling water as well thermal brine. The Environment, Development & Services (EDS) business division comprises special environmental engineering services such as the hydraulic clean-up of contaminated sites, the drilling of gas extraction wells for recovering waste dump gas, the provision of groundwater quality measuring points or the installation of water purification plants.

The shares of Daldrup & Söhne AG are listed in the Scale (sub-segment in the open market of the Frankfurt Stock Exchange).

Disclaimer

This publication represents neither an offer for sale nor a call to submit a tender for the purchase or underwriting of securities. This publication and the information it contains is not intended for direct or indirect dissemination in or within the United States of America ("USA"), Canada, Australia or Japan.

Press & Investor Relations contact

Daldrup & Söhne AG

Falk v. Kriegsheim

     Fon +49 (0)2593-9593-29

     Fax +49 (0)2593-9593-60

Bajuwarenring 17a   

82041 Oberhaching