Gaia Energy B.V., formerly Tullip Energy Exploration & Development B.V., has announced the acquisition of Aardyn B.V. This marks a milestone in the Dutch geothermal sector, accelerating the goal to realize a geothermal potential of 500 MW, spread over an impressive portfolio of more than 25 projects.

This equity investment is intended for the exploitation and construction of new geothermal resources, strategically positioned alongside the 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 have been undertaken for a large number of geothermal projects. This consortium jointly has a significant number of geothermal permits and assets throughout the Netherlands.

Aardyn is active as a full-service developer and operator in greenhouse horticulture and urban areas. In recent years, it has built up a broad portfolio with various projects in the development, construction and active exploitation phase with its own team of 35 passionate professionals.

Aardyn has three geothermal locations that currently supply geothermal heat to greenhouses and buildings: Aardwarmte Vierpolders, Haagse Aardwarmte Leyweg (HAL) and Duurzaam Voorne. In addition to being an operator, Aardyn is also one of the shareholders in the Geothermal Energy Delft project and has exploration permits at various locations.

With the completion of this acquisition, Gaia Energy and Aardyn have a robust and reliable portfolio of geothermal projects throughout the Netherlands. With this combined strength, the ambition is to grow into the leading player in the Dutch geothermal market and lay a solid foundation for future expansion into the European arena.

The efforts of Aardyn and Gaia Energy are and will remain focused on the progress and realization of the more than 25 active projects for which there is currently an exploration permit. The aim of these projects is to give the heat transition in the Netherlands a huge boost over the next eight years by unlocking no less than 500 MW of geothermal energy.

With Aardyn’s extensive knowledge, expertise and practical experience in all phases of geothermal energy extraction and together with the carefully chosen industrial and joint venture partners from Gaia Energy, there is a highly skilled and broad team that covers all aspects of geothermal activities. This concerns the initial development and construction up to and including the ongoing management organization, operation and further optimization of existing assets. In the short term, our shared priority is the seamless integration of teams, processes and personnel.

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

“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 sustainable energy in the Netherlands,” added Jos Huizing, co-shareholder Gaia Energy.

“This acquisition allows us to continue doing business as Aardyn. The broader portfolio of projects and the combined knowledge and expertise mean that we can contribute even better and more efficiently to the heat transition in the Netherlands with our various geothermal projects,” said Bas van Dun, Director of Aardyn.