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Associated Press
28-05-2025
- Business
- Associated Press
Beijing China-Germany Forum for Industrial Cooperation and Development—China-Germany (China-Europe) Hidden Champions Forum 2025 Opens
BEIJING--(BUSINESS WIRE)--May 28, 2025-- On May 26, the Beijing China-Germany Forum for Industrial Cooperation and Development—China-Germany (China-Europe) Hidden Champions Forum 2025 opened at Shunyi, Beijing. More than 600 attendees, including government representatives, experts, industry leaders and media professionals from China and abroad. The German and European sides expressed strong interest in cooperation. Enterprises, industrial parks, and governments engaged in in-depth dialogue on technological innovation, industrial development, talent mobility, and information exchange. At the opening ceremony, addresses were delivered by Mu Peng, Vice Mayor of Beijing; Walter Döring, Executive Chairman of the Senate of Economy Europe and Chairman of ADWM; Wan Qian, Deputy Director-General of the Department of International Cooperation, National Development and Reform Commission; Hans-Peter Friedrich, former Vice President of the German Bundestag; and Gong Zongyuan, Secretary of CPC Shunyi District Committee of Beijing Municipality. During the keynote session, Michael Müller, former Mayor of Berlin and President of the Bundesrat; Jiang Xiaojuan, professor at the Chinese Academy of Social Sciences, former Deputy Secretary-General of the State Council; Zhecho Stankov, Minister of Energy of Bulgaria; Benita Ferrero-Waldner, former EU Commissioner for Trade and former EU Commissioner for External Relations and European Neighborhood Policy; Nicole Graf, President of the DHBW Heilbronn; and Wu Hongliang, Director-General of the NDRC International Cooperation Center, addressed key topics on innovation, digital transformation, and green development. A highlight of the forum was the joint release of the 2025 China-Germany Hidden Champions Open Cooperation Report by the NDRC International Cooperation Center and the DEZ. It proposes a bilateral cooperation mechanism between Chinese and German (European) governments to deepen the interconnectivity of industrial chains. To foster cross-border finance and capital collaboration, Bank of Beijing Chairman Huo Xuewen, District Mayor of Shunyi Cui Xiaohao, and other representatives inaugurated the 'Golden Link' of China-Germany (China-Europe) Economic and Technological Cooperation Initiative, introducing a series of actions. In another key event, officials unveiled the Beijing Shunyi · China-Germany (China-Europe) Hidden Champions Reception Hall (HCRH), envisioned as a permanent window for displaying and converting enterprise innovations. Currently, Beijing continues to deepen high-level opening-up under the 'Two Zones' initiative, implementing over 120 breakthrough policies and enacting the Beijing Foreign Investment Regulations and 'Global Service Partners Program' to enhance its appeal to global capital and talents. Looking forward, Shunyi aims to leverage the Forum and Demonstration Zone to further explore China-Germany (China-Europe) cooperation, enhance its appeal to hidden champions and specialized and sophisticated enterprises, and expand mutually beneficial opportunities. China-Germany (China-Europe) Hidden Champions Forum Organizing Committee Organizer: Co-sponsor: View source version on CONTACT: Zhicheng Ma 19910567753 [email protected] KEYWORD: GERMANY CHINA EUROPE ASIA PACIFIC INDUSTRY KEYWORD: FINANCE BUSINESS MANUFACTURING OTHER MANUFACTURING PROFESSIONAL SERVICES SOURCE: China-Germany (China-Europe) Hidden Champions Forum Organizing Committee Copyright Business Wire 2025. PUB: 05/28/2025 11:51 AM/DISC: 05/28/2025 11:51 AM
Yahoo
24-04-2025
- Business
- Yahoo
Swiss insurers Helvetia and Baloise plan merger
Swiss composite insurance groups Helvetia and Baloise have revealed plans to merge, with the move aimed at 'expanding the companies' capabilities and enlarging their individual distribution networks'. The merged entity will operate under the name Helvetia Baloise Holding, with headquarters in Basel and a presence in St. Gallen, the current location of Helvetia's headquarters. Under this 'merger of equals', Baloise shareholders will receive 1.0119 new shares of Helvetia for each share held. Helvetia Baloise will become the second-largest insurance group in Switzerland with business volumes of SFr20bn upon deal completion, the joint release stated. It will operate in around eight countries and feature a global specialty business. The future structure will see a combined workforce of more than 22,000 and a total of SFr8.6bn in gross premiums in the life business and SFr11.5bn in the non-life business. The Helvetia Baloise Holding will be listed on the SIX Swiss Exchange, with the ticker symbol 'HBAN'. The deal awaits regulatory and anti-trust approvals, with completion anticipated in the fourth quarter of 2025. Patria Genossenschaft, Helvetia's largest shareholder with 34.1% share capital, has approved the merger. The Board of Directors of the combined group will have 14 members, seven from each company. The executive board will include CEO Fabian Rupprecht from Helvetia and deputy CEO and head of integration Michael Müller from Baloise. Rupprecht said: "We are very excited about this amazing opportunity to build a European insurance leader with strong Swiss roots. Helvetia Baloise will become the largest employer in the Swiss insurance industry with the greatest possible proximity to customers. This, coupled with the combined expertise of two players that each have been successful for over 160 years, are key factors for future success and sustainable value generation for all our stakeholders." Müller stated: "The complementary strengths of the two companies make Helvetia Baloise a relevant insurance and finance partner with Swiss roots and a strong market presence in Europe. The merger adds gravity in our markets and unlocks a new era and opportunities to deliver focused, yield-oriented growth to our shareholders." J.P. Morgan Securities is the exclusive financial advisor to Helvetia, while Morgan Stanley International is leading the advisory for Baloise with UBS also providing financial advice. Legal counsel for the companies is provided by Walder Wyss for Helvetia and Lenz & Staehelin for Baloise. "Swiss insurers Helvetia and Baloise plan merger " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Washington Post
16-02-2025
- Business
- Washington Post
Major test case for new geothermal technology launches in small German town
Residents in the German town of Geretsried have long wanted to run their buildings with clean heat and electricity from geothermal energy instead of fossil fuels. Their hopes were dashed about 15 years ago when a drilling company couldn't find enough hot water close to the surface to be profitable using traditional geothermal technology. That basically left them with natural gas. 'We gave up. We had big hopes,' recalled First Mayor of Geretsried Michael Müller, who was raised in the town. Today the next generation of geothermal companies is trying to succeed where previous efforts failed. They don't rely on hot water close to the surface, but instead use techniques developed in the oil and gas industry to drill deep and extract heat from dry, hot rock. One of them, Eavor, is starting up its first commercial power plant in Geretsried — turning the tiny town of about 26,000 people, south of Munich, into a proving ground for the future of geothermal energy. Can technology like this be scaled and really make a difference for the future of the planet? The International Energy Agency thinks so . In a recent report, it said technology breakthroughs are unlocking huge potential for geothermal energy. Now that companies are drilling deeper than 3 kilometers (close to 2 miles), nearly every country has the potential to make heat and electricity this way, the IEA said. 'It has been a niche energy and concentrated in a few countries,' IEA Executive Director Fatih Birol said in an interview. But soon, Birol said, 'geothermal can contribute to the global energy picture in an accelerated manner.' Eavor CEO John Redfern said the earlier failure in Gerestried opened up the possibility for a high-profile success — Geretsried's ordinary geology was appealing. No one would've been impressed if the Canadian company demonstrated its technology in Iceland, a place with abundant, easily accessible hot water, he added. It helped that the town was excited for geothermal and open to new ideas, he added. 'Our whole point is that we want to have geothermal anywhere, everywhere,' Redfern said. 'What better way to prove that than to put our first well where they tried and failed with traditional geothermal systems.' Germany is committed to transitioning away from fossil fuels. As part of the commitment, heating systems must switch to renewable sources because heating is one of the main sources of carbon dioxide emissions in Germany. And Germany couldn't depend on importing natural gas from Russia after Russia invaded Ukraine in 2022. Eavor, named for the phrase 'energy for ever,' has a demonstration facility in Alberta, Canada. Company executives know Geretsried well. One of them managed operations for the contractor that drilled there previously. This project will start by generating electricity in Geretsried, then add heat as the town fully builds out a district heating system. With district heating, heat is generated in a central location and distributed to homes and businesses. Most of these systems make their heat from burning fossil fuels, especially in China and Russia, which have the largest number of them, according to the IEA. Europe has 17,000 district heating and cooling networks, serving 67 million people, according to Euroheat & Power, the international network for district energy. In the United States, district energy systems are most often on college campuses, at hospitals, on military bases and in some downtown areas in larger cities. Some universities are switching their district heating systems off gas or heating oil to geothermal energy to address climate change. The Trump administration, while pivoting back to pro-oil and gas policies, does appear to also favor geothermal . Eavor has a contract to provide heat in the northwestern German city of Hanover, too. The city of more than 500,000 people is phasing out coal. Eavor is also licensing its technology to utilities and companies that are trying to curb emissions and want secure energy, Redfern said. A large Japanese power provider, Chubu Electric Power Company, is a major investor in Eavor. Japan has many sites suitable for geothermal but few geothermal power plants. The way it works is that Eavor drills two wells about 4 kilometers (2.5 miles) deep, then branches out and drills a dozen lateral wells, to maximize contact with the hot rock. The wells intersect to create a closed loop where water can flow, the 'Eavor loop.' The Geretsried project will have four loops, each with two vertical wells and about 12 lateral ones. Eavor does not frack, or hydraulically fracture, to create cracks and increase the permeability of rock. Instead in Geretsried, it will pump water down to flow through the hot rock, heating up on contact. It will rise naturally to the surface through an outlet well. That hot water can be used to heat the utility's water so it can be sent through pipes to heat the equivalent of about 36,000 homes. The hot water also can be routed to a power plant to make steam and then recirculated. When used to spin a turbine, that steam can generate electricity without any planet-warming greenhouse gas emissions. Müller, the mayor, said it's better to start changing the approach to energy today than push it off to tomorrow. He said residents can't rely on fossil fuels long term, they have to address climate change and they need secure energy. 'We want to remain future proof,' he said. 'So let's start the future.' ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at .
The Hill
16-02-2025
- Business
- The Hill
Major test case for new geothermal technology launches in small German town
Residents in the German town of Geretsried have long wanted to run their buildings with clean heat and electricity from geothermal energy instead of fossil fuels. Their hopes were dashed about 15 years ago when a drilling company couldn't find enough hot water close to the surface to be profitable using traditional geothermal technology. That basically left them with natural gas. 'We gave up. We had big hopes,' recalled First Mayor of Geretsried Michael Müller, who was raised in the town. Today the next generation of geothermal companies is trying to succeed where previous efforts failed. They don't rely on hot water close to the surface, but instead use techniques developed in the oil and gas industry to drill deep and extract heat from dry, hot rock. One of them, Eavor, is starting up its first commercial power plant in Geretsried — turning the tiny town of about 26,000 people, south of Munich, into a proving ground for the future of geothermal energy. Can technology like this be scaled and really make a difference for the future of the planet? The International Energy Agency thinks so. In a recent report, it said technology breakthroughs are unlocking huge potential for geothermal energy. Now that companies are drilling deeper than 3 kilometers (close to 2 miles), nearly every country has the potential to make heat and electricity this way, the IEA said. 'It has been a niche energy and concentrated in a few countries,' IEA Executive Director Fatih Birol said in an interview. But soon, Birol said, 'geothermal can contribute to the global energy picture in an accelerated manner.' Eavor was drawn to Geretsried because the traditional technique failed there Eavor CEO John Redfern said the earlier failure in Gerestried opened up the possibility for a high-profile success — Geretsried's ordinary geology was appealing. No one would've been impressed if the Canadian company demonstrated its technology in Iceland, a place with abundant, easily accessible hot water, he added. It helped that the town was excited for geothermal and open to new ideas, he added. 'Our whole point is that we want to have geothermal anywhere, everywhere,' Redfern said. 'What better way to prove that than to put our first well where they tried and failed with traditional geothermal systems.' Germany is committed to transitioning away from fossil fuels. As part of the commitment, heating systems must switch to renewable sources because heating is one of the main sources of carbon dioxide emissions in Germany. And Germany couldn't depend on importing natural gas from Russia after Russia invaded Ukraine in 2022. Eavor, named for the phrase 'energy for ever,' has a demonstration facility in Alberta, Canada. Company executives know Geretsried well. One of them managed operations for the contractor that drilled there previously. Eavor says Geretsried geothermal will power up this year. That would be a milestone This project will start by generating electricity in Geretsried, then add heat as the town fully builds out a district heating system. With district heating, heat is generated in a central location and distributed to homes and businesses. Most of these systems make their heat from burning fossil fuels, especially in China and Russia, which have the largest number of them, according to the IEA. Europe has 17,000 district heating and cooling networks, serving 67 million people, according to Euroheat & Power, the international network for district energy. In the United States, district energy systems are most often on college campuses, at hospitals, on military bases and in some downtown areas in larger cities. Some universities are switching their district heating systems off gas or heating oil to geothermal energy to address climate change. The Trump administration, while pivoting back to pro-oil and gas policies, does appear to also favor geothermal. Eavor has a contract to provide heat in the northwestern German city of Hanover, too. The city of more than 500,000 people is phasing out coal. Eavor is also licensing its technology to utilities and companies that are trying to curb emissions and want secure energy, Redfern said. A large Japanese power provider, Chubu Electric Power Company, is a major investor in Eavor. Japan has many sites suitable for geothermal but few geothermal power plants. How does this geothermal method work? The way it works is that Eavor drills two wells about 4 kilometers (2.5 miles) deep, then branches out and drills a dozen lateral wells, to maximize contact with the hot rock. The wells intersect to create a closed loop where water can flow, the 'Eavor loop.' The Geretsried project will have four loops, each with two vertical wells and about 12 lateral ones. Eavor does not frack, or hydraulically fracture, to create cracks and increase the permeability of rock. Instead in Geretsried, it will pump water down to flow through the hot rock, heating up on contact. It will rise naturally to the surface through an outlet well. That hot water can be used to heat the utility's water so it can be sent through pipes to heat the equivalent of about 36,000 homes. The hot water also can be routed to a power plant to make steam and then recirculated. When used to spin a turbine, that steam can generate electricity without any planet-warming greenhouse gas emissions. Müller, the mayor, said it's better to start changing the approach to energy today than push it off to tomorrow. He said residents can't rely on fossil fuels long term, they have to address climate change and they need secure energy. 'We want to remain future proof,' he said. 'So let's start the future.' The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
The Independent
16-02-2025
- Business
- The Independent
Major test case for new geothermal technology launches in small German town
Residents in the German town of Geretsried have long wanted to run their buildings with clean heat and electricity from geothermal energy instead of fossil fuels. Their hopes were dashed about 15 years ago when a drilling company couldn't find enough hot water close to the surface to be profitable using traditional geothermal technology. That basically left them with natural gas. 'We gave up. We had big hopes,' recalled First Mayor of Geretsried Michael Müller, who was raised in the town. Today the next generation of geothermal companies is trying to succeed where previous efforts failed. They don't rely on hot water close to the surface, but instead use techniques developed in the oil and gas industry to drill deep and extract heat from dry, hot rock. One of them, Eavor, is starting up its first commercial power plant in Geretsried — turning the tiny town of about 26,000 people, south of Munich, into a proving ground for the future of geothermal energy. Can technology like this be scaled and really make a difference for the future of the planet? The International Energy Agency thinks so. In a recent report, it said technology breakthroughs are unlocking huge potential for geothermal energy. Now that companies are drilling deeper than 3 kilometers (close to 2 miles), nearly every country has the potential to make heat and electricity this way, the IEA said. 'It has been a niche energy and concentrated in a few countries,' IEA Executive Director Fatih Birol said in an interview. But soon, Birol said, "geothermal can contribute to the global energy picture in an accelerated manner.' Eavor was drawn to Geretsried because the traditional technique failed there Eavor CEO John Redfern said the earlier failure in Gerestried opened up the possibility for a high-profile success — Geretsried's ordinary geology was appealing. No one would've been impressed if the Canadian company demonstrated its technology in Iceland, a place with abundant, easily accessible hot water, he added. It helped that the town was excited for geothermal and open to new ideas, he added. 'Our whole point is that we want to have geothermal anywhere, everywhere,' Redfern said. 'What better way to prove that than to put our first well where they tried and failed with traditional geothermal systems.' Germany is committed to transitioning away from fossil fuels. As part of the commitment, heating systems must switch to renewable sources because heating is one of the main sources of carbon dioxide emissions in Germany. And Germany couldn't depend on importing natural gas from Russia after Russia invaded Ukraine in 2022. Eavor, named for the phrase 'energy for ever,' has a demonstration facility in Alberta, Canada. Company executives know Geretsried well. One of them managed operations for the contractor that drilled there previously. Eavor says Geretsried geothermal will power up this year. That would be a milestone This project will start by generating electricity in Geretsried, then add heat as the town fully builds out a district heating system. With district heating, heat is generated in a central location and distributed to homes and businesses. Most of these systems make their heat from burning fossil fuels, especially in China and Russia, which have the largest number of them, according to the IEA. Europe has 17,000 district heating and cooling networks, serving 67 million people, according to Euroheat & Power, the international network for district energy. In the United States, district energy systems are most often on college campuses, at hospitals, on military bases and in some downtown areas in larger cities. Some universities are switching their district heating systems off gas or heating oil to geothermal energy to address climate change. The Trump administration, while pivoting back to pro-oil and gas policies, does appear to also favor geothermal. Eavor has a contract to provide heat in the northwestern German city of Hanover, too. The city of more than 500,000 people is phasing out coal. Eavor is also licensing its technology to utilities and companies that are trying to curb emissions and want secure energy, Redfern said. A large Japanese power provider, Chubu Electric Power Company, is a major investor in Eavor. Japan has many sites suitable for geothermal but few geothermal power plants. How does this geothermal method work? The way it works is that Eavor drills two wells about 4 kilometers (2.5 miles) deep, then branches out and drills a dozen lateral wells, to maximize contact with the hot rock. The wells intersect to create a closed loop where water can flow, the 'Eavor loop.' The Geretsried project will have four loops, each with two vertical wells and about 12 lateral ones. Eavor does not frack, or hydraulically fracture, to create cracks and increase the permeability of rock. Instead in Geretsried, it will pump water down to flow through the hot rock, heating up on contact. It will rise naturally to the surface through an outlet well. That hot water can be used to heat the utility's water so it can be sent through pipes to heat the equivalent of about 36,000 homes. The hot water also can be routed to a power plant to make steam and then recirculated. When used to spin a turbine, that steam can generate electricity without any planet-warming greenhouse gas emissions. Müller, the mayor, said it's better to start changing the approach to energy today than push it off to tomorrow. He said residents can't rely on fossil fuels long term, they have to address climate change and they need secure energy. 'We want to remain future proof,' he said. 'So let's start the future.' ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
