Foraj Sonde S.A. Videle (symbol FOJE, a company in the portfolio of eMAG co-founder Iulian Stanciu) signs a framework contract worth approximately 660 million lei with Dalkia France, part of the EDF group, for geothermal well drilling services, according to a report submitted to the Bucharest Stock Exchange.

“Foraj Sonde S.A. Videle (“FOJE”) informs investors that it is to sign in the coming days a framework contract awarded by Dalkia France, part of the EDF (Electricite de France) group, with the purpose of providing drilling services for geothermal wells”, according to the company.

The estimated value of the framework agreement amounts to approximately RON 660 million, for a period of 3 (three) years, according to Financialintelligence.

”The framework agreement awarded by Dalkia creates the premises for the expansion of FOJE’s activity on the European market of drilling services for geothermal energy and is part of the company’s diversification of operational capacities, both on the local market and on international markets. Geothermal energy is mainly used for heating and cooling, especially through district heating networks, representing a segment supported at European level through public and private investment programs, in the context of strategies to decarbonize the energy sector and reduce dependence on fossil fuels. Including the company in a portfolio of suppliers of an international energy group reflects the compatibility of the company’s technical and operational capabilities with the requirements of this market segment.”

FOJE shares increased by 47.01% in the last 12 months, to 19.7 lei/unit.

Foraj Sonde is controlled by First All Energy Europe SRL (45.17%) and Inspire Asset Management SRL (32.90%), belonging to Iulian Stanciu, co-founder of eMAG.