In November 2019 Kyotherm signed an Investment Agreement with Perpetuum Energy Partners under which Kyotherm will provide financing to Perpetuum Energy Partners from 2019 to 2025. Perpetuum Energy Partners, a Dutch company established in 2013, is active in the deep geothermal energy sector in the Netherlands.
Perpetuum Energy Partners develops, owns and manages, with local partners, geothermal doublets dedicated to heat production in The Hague region. The number of geothermal projects in the Netherlands is expected to grow significantly in the coming years, in particular due to the decision to stop the gas production and thanks to the strong support of the Dutch state (solid subsidy mechanism). The subsurface geology of the Hague region is regarded as one of the most promising in the Netherlands. The Hague already has extensive district heating networks currently supplied with gas fired units and the municipality of the Hague is engaged in a policy of conversion to a sustainable heat generation.
A first project is already in place
The first doublet (Haagse Aardwarmte Leyweg) developed by Perpetuum Energy Partners and its partners will be commissioned in 2020 and will ultimately provide approximately 20 GWh/year of heat to the Southwest Hague heat network through a long-term contract with Eneco.
Kyotherm views this partnership with the experienced Perpetuum Energy Partners team as a unique opportunity to continue growing in the European deep geothermal infrastructure market and to contribute actively in the renewable heat transition in the Netherlands.