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DD Energy, Audi Hungária in long-term geothermal contract

DD Energy Termelő és Szolgáltató Kft (DD Energy), a wholly owned unit of Hungary-based alternative-energy company PannErgy on Friday signed a contract with Audi Hungária Motor to deliver geothermal energy to the company’s plant in Győr for a period of 17 years, PannErgy representatives announced today. 

The start date and contract value were not divulged. According to the company, the contract between DD Energy and Audi Hungária Motor, the Hungarian unit of Germany-based vehicle manufacturer Audi, stipulates that it may be extended for a further 15 years.

DD Energy won HUF 1 billion in European Union support in September 2013 to finance an investment aimed at making it possible for the unit to provide an unnamed “major company” with heat.

PannErgy is a Prime-category issuer at the Budapest Stock Exchange.