In southern Germany, Geysir Europe's fully owned subsidiary Exorka, is developing geothermal power projects in the Molasse basin, Bavaria. Exorka has the right to the utilization of the Kalina technology, which allows electricity to be produced from a low-temperature geothermal resource as low as 120°C. The technique is a binary technology that uses an ammonia-water mixture for steam production and is used in a 2 MW Kalina power plant built in northern Iceland in 2000.
RELEVANT BINARY PLANT EXPERIENCE
In Geretsried, southern Germany, Geysir Europe owns a small stake in Enex Power Germany GmbH, which is is developing a 5 MW geothermal power project. Hörmann Energie und Umwelt GmbH, a subsidiary of Hörmann Group, became a majority owner of the project in December 2009. A binary power plant (ORC or Kalina) will be constructed to generate electricity that will be sold to the national grid and may also supply geothermal heat to the town of Geretsried. Enex has relevant geothermal binary power plant experience, having commissioned a 9.3 MW binary (ORC) power plant in 2009, which Enex engineered and constructed under and EPCM contract for LaGeo in El Salvador. Geysir Europe's Exorka also has a reference to the Kalina geothermal power plant in Husavik, Iceland.
NUMEROUS CLAIMS IN GERMANY
The German Renewable Energy Sources Act from 2009 guarantees higher selling rates for the environmentally friendly energy generated in geothermal power plants. Projected revenues have increased with changes in this legislation, and costs are likely to decrease along the learning curve. Both Exorka and Enex have geothermal claims in more areas, which makes Geysir Europe one of the largest claimholders in Germany. D&S Geothermie GmbH, a fully-owned subsidiary of Daldrup & Söhne AG, holds 51 percent stake in Geysir Europe GmbH.