Pannergy Establishes New Subsidiary

The Hungarian energy firm PannErgy has announced on the website of the Budapest Stock Exchange to its shareholders and the participants of the capital market the establishment of a subsidiary company.

The statement says that on account of the changed energy market environment and the resulting improved ROI opportunities, PannErgy intends to place greater emphasis on the direct connection of new customers not subject to official price regulation to PannErgy geothermal systems.

Primarily to serve these new customers, which are smaller than district heating service providers and multinational companies, PannErgy intends to establish a new member company, which will allow for the organisational capacity to serve the specific needs of this heat-using customer segment at a high level.

The Management Board of the Company adopted the decision to establish a company with a cash contribution of HUF 3 million and 100% ownership, whose registration in the company register is in progress.

Name of the new subsidiary: Geo2Business Ltd. with its registered office in Budapest.