Gaia Energy, the new name of Tullip Energy Exploration & Development, is acquiring Aardyn. With this choice, Gaia Energy aims to accelerate its ambition to realize a geothermal potential of 500 MW spread over a portfolio of more than 25 projects.

The equity investment is for the expansion and construction of new geothermal resources strategically positioned alongside existing geothermal activities within Aardyn's and Gaia Energy's portfolio.

Gaia Energy has a partnership with IPS Geothermal Energy Group and 85 Degrees Renewable Group, through which joint development initiatives for a large number of geothermal projects have been undertaken. This consortium jointly holds a large number of geothermal licenses and assets across the Netherlands.

Aardyn operates as a full-service developer and operator in horticulture and urban areas. In recent years, with its own team of 35 professionals, it has built a portfolio of various projects in the development, construction, and active operation phases. Aardyn continues to operate as an independent company on those projects where it has an exploration license.

More than 25 projects
With the completion of this acquisition, Gaia Energy and Aardyn have a portfolio of geothermal projects across the Netherlands. The commitment of Aardyn and Gaia Energy is and will remain focused on the progress and realization of the more than 25 active projects for which it currently has an exploration license. With those projects, the aim is to boost the heat transition in the Netherlands over the next eight years by unlocking 500 MW of geothermal energy.

Nico Kuipers, co-shareholder of Gaia Energy, expresses his enthusiasm: "This acquisition marks a step towards realizing our vision of sustainable geothermal energy in the Netherlands. With a growing portfolio of projects and one with a strong team, we are ready to further advance the Dutch geothermal market."

Jos Huizing, co-shareholder of Gaia Energy, added: "We are proud of the journey that has brought us to this point. With Gaia Energy, we see an exciting future for our projects, our team, and for renewable energy in the Netherlands."

Bas van Dun, managing director of Aardyn: "This acquisition allows us to continue as Aardyn. The broader portfolio of projects and the combined knowledge and expertise mean we can make an even better and more efficient contribution to the heat transition in the Netherlands with our various geothermal projects."

For more information:
Gaia Energy B.V.