CGift AG becomes DWK Deutsche Wasserkraft AG and undergoes strategic
reorganisation

EQS-News: CGift AG / Key word(s): Strategic Company Decision/AGM/EGM
CGift AG becomes DWK Deutsche Wasserkraft AG and undergoes strategic
reorganisation

15.07.2024 / 13:55 CET/CEST
The issuer is solely responsible for the content of this announcement.

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CGift AG becomes DWK Deutsche Wasserkraft AG and undergoes strategic
reorganisation

- Annual General Meeting approves change of name and votes 100 per cent in
favour of all agenda topics

- Future focus on development, acquisition and operation of small hydro
run-of-river power plants in Europe

- Renowned experts with decades of experience in the renewable energy sector
appointed to the Management Board

- Strong market growth expected in the small hydropower sector in Europe in
the coming years on the way to climate neutrality

Hamburg, 15 July 2024 - CGift AG becomes DWK Deutsche Wasserkraft AG. The
new name goes hand in hand with the strategic repositioning of the company
as the first listed independent hydropower producer, IPP (Independent Power
Producer), in Germany. DWK Deutsche Wasserkraft - led by experienced
industry experts - aims to utilise the potential of the hydropower market
and at the same time make a contribution towards climate neutrality in
Europe. The company's shareholders passed the necessary resolutions at the
Annual General Meeting and approved all items on the agenda with 100% of the
share capital represented. In addition to the change of name and the new
definition of the company's purpose, a cash capital increase with the
exclusion of statutory subscription rights by issuing up to 300,000 new
shares was also approved.

Hydropower: highest efficiency, lowest CO2 footprint, low costs

With hydropower, DWK is relying on an energy source that is characterised by
a unique combination of high environmental sustainability and maximum
efficiency as well as maximum energy yield over the entire life cycle. DWK's
business activities are particularly focussed on small hydro (run-of-river)
power plants. In addition to the ecological advantages, hydropower is also
economically competitive with other energy sources. With an efficiency of up
to 90 per cent, hydropower outperforms other sources of electricity
generation. Renewable electricity sources such as wind and solar power have
a technical efficiency of up to 50 per cent and 20 per cent respectively.
Nuclear, gas and coal-fired power plants are only around 35 to 50 per cent.

According to calculations by the IEA and independent studies, hydropower
also occupies the top position in terms of energy yield over the entire life
cycle. In contrast to other renewable energy sources, hydropower plants are
base-load capable without complex and costly intermediate storage
facilities.

Due to their compact design, small hydro run-of-river power plants in
particular have relatively little impact on nature and do not change the
basic natural flow of water. This is also reflected in a comparison of the
carbon footprint: Hydropower plants are around 20 kilograms per megawatt
hour of electricity generated (kgCO2 / MWh). Energy generation from fossil
fuels comes in at massively higher values (gas 600 kgCO2 / MWh and coal up
to 1200 kgCO2 / MWh). Renewable energies from the sun and wind, which have a
CO2 consumption of approx. 100 kgCO2 / MWh and 40 kgCO2 / MWh respectively,
are also associated with higher CO2 emissions.

Combination of ecological and economic advantages drives the market

Generating a megawatt hour of electricity from hydropower is on average
cheaper than other sources of electricity. Accordingly, hydropower plays an
important role in the energy transition and climate neutrality initiatives.
The necessity for electricity from hydropower significantly exceeds the
current supply, meaning that stable growth rates are to be expected. In view
of the ongoing energy transition and Europe's goal of CO2 neutrality by
2050, hydropower plants are the ideal complement to wind and solar power.

The Norwegian market in particular, on which DKW intends to focus, has
potential. In Norway, there is already a liquid market for existing plants
with around 2,000 existing hydropower plants with a total output of 140
terawatt hours. This market therefore continuously offers transaction
opportunities for operating plants. On the other hand, there is significant
potential for new construction projects, which the company can tap into due
to the existing market access and expertise profile of the new management
team.

Experienced management with German-Norwegian roots

An important factor in DWK's market success is the experienced team with
German-Norwegian roots, which will lead the company in the future. With Jan
Erik Schulien and Henning Rath, renowned industry experts have been
appointed to the company's Management Board.

Schulien, a Norwegian national, has more than 25 years of experience in the
renewable energy sector. He was previously Managing Partner and Board Member
of various hydropower developers and operators and built up the hydropower
asset class at the real asset specialist Aquila Capital, among others.

Rath, a German national, has more than 23 years of experience in financing,
business development and investor relations, specialising in hydropower,
solar and land development. He was also previously Managing Partner and
Board Member of two Norwegian hydropower companies. His other professional
experience includes Aquila Capital, Engel & Völkers Capital and Branicks.

The management team has experience from more than 40 transactions involving
140 hydropower plants with a total volume of around 2 billion euros. The
Supervisory Board of DWK was also strengthened by the Annual General Meeting
with experts from the renewable energy sector from Germany and Norway.

Henning Rath, CEO of DWK Deutsche Wasserkraft AG: "With DWK, we are creating
the first listed pure hydropower IPP in Germany. As an independent power
plant operator and developer, we are positioning ourselves in a growing
market that has great potential due to the combination of ecological and
economic advantages. I am convinced that with our experienced team and
extensive network in the European hydropower sector, we will be successful
for our shareholders in this market. Our company also combines
sustainability and profitability in an ideal way."

The voting results of the Annual General Meeting are available at
www.cgift.ag

Press contact and investor relations

edicto GmbH
Ralf Droz / Svenja Liebig
+49 69 90550 556
rdroz@edicto.de


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15.07.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        CGift AG
                   Schopenstehl 22
                   20095 Hamburg
                   Germany
   Phone:          +49 40 679 580-53
   Fax:            +49 40 679 580-52
   E-mail:         info@cgift.ag
   Internet:       www.cgift.ag
   ISIN:           DE000A2AAB74, DE000A289VN8
   WKN:            A2AAB7, A289VN
   Listed:         Regulated Unofficial Market in Hamburg
   EQS News ID:    1946405

End of News EQS News Service
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1946405 15.07.2024 CET/CEST