ESG Declaration

1. Purpose and Scope

Endoria Energy is developing Ultra-Deep Geothermal / Enhanced Geothermal Systems (UDG/EGS) designed to provide reliable, 24/7 low-carbon energy for industrial applications.

This ESG & Sustainable Development Declaration sets out the principles, standards and methodologies that Endoria intends to apply to the development, construction and operation of its geothermal projects.

Endoria recognises that sustainability claims must be supported by transparent methodologies, measurable data and, where appropriate, independent verification.

As Endoria is currently in the development and pre-commercial stage, not all environmental performance parameters can yet be conclusively quantified. Accordingly, this Declaration distinguishes between:

• established principles and characteristics of geothermal energy;
• Endoria's intended project design and operating principles;
• targets and expectations currently under development; and
• performance claims that remain subject to project-specific measurement, lifecycle assessment and independent verification.

This distinction is fundamental to Endoria's approach to responsible development.
 

2. Endoria's Sustainability Principles

Endoria's sustainability approach is based on six principles:

1. Climate impact minimisation
2. Responsible use of natural resources
3. Protection of land, water and ecosystems
4. Safe and responsible subsurface development
5. Responsible engagement with communities and stakeholders
6. Transparent, measurable and independently verifiable ESG performance

Endoria intends to integrate these principles into project development from the earliest feasibility and permitting stages rather than treating ESG as a reporting exercise after project completion.
 

3. Climate Change & Greenhouse Gas Emissions

Geothermal energy generates electricity and heat from the Earth's natural thermal energy rather than through combustion of a fuel.

Endoria's proposed closed-loop system is designed to circulate working fluid through an engineered subsurface system while extracting heat, without the continuous extraction of fossil fuel or permanent production of a combustion fuel.

The expected result is a power-generation system with potentially very low operational greenhouse-gas emissions.

However, Endoria will not equate “no combustion” with “zero lifecycle emissions.”

Construction, drilling, steel, cement, transportation, purchased energy, equipment manufacturing and other supply-chain activities can generate greenhouse-gas emissions.

Accordingly, Endoria's ultimate climate performance will be assessed on both:

• operational emissions, and
• full lifecycle emissions.

4. GHG Protocol Accounting

Endoria intends to use the GHG Protocol Corporate Standard as the principal framework for corporate greenhouse-gas accounting and the GHG Protocol Corporate Value Chain (Scope 3) Standard for relevant value-chain emissions. The GHG Protocol describes these standards as the principal frameworks for corporate and value-chain GHG measurement and reporting.

Scope 1 — Direct emissions

For a future Endoria geothermal facility, Scope 1 emissions are expected to be limited because electricity generation does not require combustion of fossil fuels.

Potential Scope 1 sources will nevertheless be identified and quantified, including:

• combustion associated with backup equipment, if any;
• fugitive emissions, where applicable;
• refrigerants;
• emergency generators;
• mobile equipment under Endoria's operational control; and
• other direct emissions required under the applicable accounting boundary.

Endoria's objective is near-zero operational Scope 1 emissions during normal power generation.

This will be demonstrated through actual project data rather than assumed solely from the nature of geothermal energy.

Scope 2 — Purchased energy

Scope 2 emissions arise from purchased or acquired electricity, heat, steam or cooling.

During construction and commissioning, Endoria may require externally supplied electricity and other energy.

Once operational, the objective is for the facility to be substantially self-supplied from its own geothermal generation.

Accordingly, operational Scope 2 emissions are expected to be near-zero, subject to the final plant configuration, auxiliary-load requirements and applicable GHG accounting methodology.

Scope 3 — Value-chain emissions

Scope 3 will be assessed across relevant upstream and downstream categories, including where applicable:

• drilling and well construction;
• steel, casing and cement;
• drilling consumables;
• equipment manufacturing;
• transportation and logistics;
• construction activities;
• purchased goods and services;
• capital goods;
• employee travel;
• waste;
• end-of-life treatment; and
• other material value-chain categories.

Endoria expects Scope 3 emissions to represent the principal component of its lifecycle carbon footprint.

These emissions will be quantified rather than assumed.

5. Lifecycle Carbon Assessment

Corporate Scope 1-3 accounting will be complemented by a project-specific lifecycle assessment (LCA).

The assessment is intended to follow internationally recognised lifecycle methodologies, including:

• ISO 14040;
• ISO 14044;
• ISO 14067 for product carbon footprinting, where applicable;
• GHG Protocol Product Life Cycle guidance; and
• relevant European Commission lifecycle methodologies.

The GHG Protocol Product Standard specifically addresses lifecycle emissions associated with raw materials, manufacturing, transportation, storage, use and disposal.

For geothermal electricity generation, this distinction is particularly important.

The relevant question is not simply:

“Does the plant emit CO₂ while generating electricity?”

but:

“How many grams of CO₂-equivalent are associated with each kWh delivered over the complete lifecycle of the asset?”

Endoria intends to establish this metric before making definitive lifecycle-carbon claims.

6. Paris Agreement and Climate Alignment

Endoria's strategic objective is aligned with the transition towards a low-carbon energy system consistent with the objectives of the Paris Agreement.

The company's proposed technology is intended to contribute to the transition by providing:

• dispatchable electricity;
• 24/7 energy availability;
• low operational greenhouse-gas emissions;
• reduced dependence on fossil-fuel generation; and
• potentially significant reductions in lifecycle emissions compared with fossil-based generation.

Endoria will not claim that a project is formally Paris-aligned until the relevant project-level criteria and supporting evidence have been established.

Where relevant, Endoria will assess alignment against applicable climate-finance frameworks and investor methodologies.

7. IPCC Climate Science

Endoria recognises the Intergovernmental Panel on Climate Change (IPCC) as the authoritative international reference for the scientific assessment of climate change.

Endoria's climate strategy will therefore be informed by:

• IPCC assessment reports;
• recognised lifecycle-emission methodologies;
• scientific evidence concerning energy-system decarbonisation; and
• internationally recognised climate scenarios.

The role of the IPCC in this context is scientific reference, rather than certification of individual projects.

Endoria will not represent IPCC publications as an endorsement or certification of Endoria's technology.

8. EU Taxonomy

Where applicable to Endoria's activities and financing structures, Endoria intends to assess projects against the EU Taxonomy Regulation and applicable technical screening criteria.

The EU Taxonomy specifically includes electricity generation from geothermal energy.

For geothermal electricity generation, the current EU Taxonomy criterion for substantial contribution to climate-change mitigation requires lifecycle GHG emissions below 100 gCO₂e/kWh, calculated according to the specified methodology or ISO 14067/ISO 14064-1, with quantified lifecycle emissions independently verified.

Endoria therefore intends to:

1. establish project-specific lifecycle emissions;
2. document the methodology used;
3. assess applicable DNSH criteria; and
4. seek independent verification where required or appropriate.

Endoria will not claim EU Taxonomy alignment merely because geothermal energy is included in the Taxonomy. Alignment will be determined at project level against the applicable criteria.

That sentence is particularly important.

9. Climate Bonds Initiative

Endoria recognises the Climate Bonds Initiative (CBI) Taxonomy as a relevant reference framework for climate-aligned investment and green-finance markets.

The Climate Bonds Taxonomy is designed to identify activities and assets contributing substantially to climate mitigation and/or resilience and is used by investors, issuers, corporates and governments.

The CBI taxonomy includes geothermal electricity generation and identifies a direct-emissions screening indicator of less than 100 gCO₂/kWh in its geothermal criteria.

Endoria intends to evaluate the applicability of CBI criteria to future financing structures.

Inclusion of geothermal energy within the CBI taxonomy will not itself be presented as certification of an Endoria project.

Where green or climate-labelled financing is pursued, Endoria intends to comply with the applicable framework and obtain the required external review or certification.

10. Energy Efficiency & Resource Use

Endoria's objective is to maximise the amount of useful energy extracted from each geothermal well while minimising auxiliary energy consumption.

Key parameters will include:

• thermal efficiency;
• electrical conversion efficiency;
• parasitic loads;
• pumping requirements;
• heat-exchanger efficiency;
• well productivity;
• utilisation factor; and
• lifecycle energy return.

The final performance metrics will be determined by the selected technology and site characteristics.

11. Water

Water is a critical environmental consideration for geothermal development.

Endoria's closed-loop concept is designed to minimise interaction with the surrounding formation and to recirculate working fluid within the engineered geothermal system.

This is intended to reduce:

• continuous fluid extraction;
• permanent subsurface fluid disposal;
• groundwater interaction; and
• freshwater consumption during operation.

Actual water requirements will depend on the final plant architecture, drilling programme, cooling technology and local environmental conditions.

Water use and water-quality risks will therefore be assessed through project-specific environmental studies and permitting.

12. Land Use & Biodiversity

One of the potential advantages of deep geothermal energy is its high energy density and relatively concentrated surface infrastructure.

Endoria intends to minimise:

• land occupation;
• habitat fragmentation;
• visual impact;
• construction disturbance; and
• permanent surface infrastructure.

Project development will include appropriate environmental and ecological assessments.

Potential impacts on protected areas, habitats, biodiversity, soil, groundwater and surrounding ecosystems will be assessed before construction.

Endoria's objective is minimum necessary surface disturbance consistent with safe and efficient operation.

13. Subsurface Integrity & Induced Seismicity

Responsible subsurface development is a core component of Endoria's ESG approach.

Endoria recognises that geothermal development can involve subsurface risks including:

• induced seismicity;
• fault activation;
• pressure changes;
• thermal stress;
• well integrity;
• formation instability;
• fluid migration; and
• geological uncertainty.

Endoria's proposed closed-loop architecture is intended to minimise permanent pressure depletion and uncontrolled fluid migration.

Nevertheless, closed-loop geothermal systems do not eliminate geomechanical or seismic risk.

Endoria therefore intends to implement:

• geological characterisation;
• geomechanical modelling;
• baseline seismic monitoring;
• real-time monitoring;
• operational thresholds;
• well-integrity management;
• response protocols; and
• transparent reporting of relevant seismic events.

This principle is consistent with the direction taken by Fervo's Geothermal Sustainable Development Pact, which specifically includes induced seismicity and well integrity among its six sustainability pillars.

14. Materials, Waste & Circularity

Endoria's principal material inputs are expected to include:

• steel;
• casing;
• cement;
• drilling equipment;
• high-temperature components;
• turbines and/or other conversion equipment;
• pumps;
• heat exchangers;
• electrical equipment; and
• construction materials.

Endoria intends to:

• maximise equipment lifetime;
• use durable materials;
• reduce unnecessary material consumption;
• assess recycled and recyclable materials where technically appropriate;
• minimise drilling waste;
• responsibly manage hazardous materials; and
• establish appropriate end-of-life procedures.

The unusually long potential operating life of geothermal assets may provide an additional opportunity to reduce lifecycle material intensity.

Actual lifecycle performance will be quantified as project engineering progresses.

15. Health, Safety & Environment

Endoria recognises that responsible energy development begins with safe operations.

Health, Safety & Environment (HSE) management will cover:

• drilling operations;
• high-pressure systems;
• high-temperature equipment;
• well control;
• chemical handling;
• lifting operations;
• construction;
• electrical systems;
• emergency response;
• worker welfare; and
• environmental protection.

Endoria intends to adopt recognised international HSE practices and applicable legal and regulatory requirements.

Contractors and specialist partners will be expected to operate under appropriate HSE standards.

16. Community & Stakeholder Engagement

Endoria recognises that social acceptance is essential for geothermal development.

Projects will therefore be developed through engagement with:

• local authorities;
• regulators;
• landowners;
• communities;
• industrial customers;
• environmental stakeholders;
• technical experts; and
• other relevant parties.

Endoria intends to provide transparent information concerning:

• project objectives;
• drilling activities;
• noise;
• traffic;
• environmental effects;
• seismic monitoring;
• water use;
• construction impacts; and
• operational performance.

Where appropriate, project-specific stakeholder engagement plans will be developed.

17. Responsible Governance

Endoria intends to maintain clear governance over ESG-related decisions.

Responsibilities will include:

• identification and management of ESG risks;
• documentation of material environmental impacts;
• monitoring of relevant performance indicators;
• compliance with applicable legislation;
• transparent investor reporting;
• appropriate contractor oversight; and
• periodic review of ESG policies.

ESG considerations will be incorporated into project-development decisions rather than treated solely as external reporting requirements.

18. Climate-Conscious Investment & Sustainable Finance

Endoria recognises that an increasing number of institutional and private investors require investments to demonstrate measurable environmental and climate characteristics.

For such investors, Endoria intends to provide progressively more detailed evidence concerning:

• Scope 1, 2 and 3 emissions;
• lifecycle carbon intensity;
• energy production;
• land use;
• water use;
• biodiversity;
• induced seismicity;
• resource efficiency;
• HSE;
• governance; and
• alignment with applicable sustainable-finance frameworks.

Potential future financing structures may be assessed against relevant frameworks including:

• EU Taxonomy;
• Climate Bonds Initiative;
• applicable green-finance principles;
• institutional investor ESG requirements; and
• project-specific sustainability criteria.

Endoria's objective is to develop energy infrastructure capable of meeting the requirements of climate-conscious, long-term capital, subject to independently verifiable project performance.

19. Measurement, Verification & Reporting

Endoria's ESG approach is based on the principle:

Measure first. Claim second. Verify where material.

As projects progress, Endoria intends to establish a structured ESG data framework covering:

Metric                                        |                Intended approach

Scope 1                                                     GHG Protocol

Scope 2                                                     GHG Protocol Scope 2 Guidance

Scope 3                                                     GHG Protocol Scope 3 Standard

Lifecycle GHG                                           ISO 14040/44, ISO 14067 /                                                                                 applicable EU methodology

Corporate GHG inventory                          ISO 14064-1 / GHG Protocol

Climate science                                         IPCC

EU sustainable finance                              EU Taxonomy

Climate-aligned finance                             Climate Bonds Initiative, where                                                                           applicable

Water                                                         Project-specific assessment / appli                                                                      cable international standards

Biodiversity                                                Project-specific ecological                                                                                    assessment

Seismicity                                                   Continuous project-specific                                                                                  monitoring

HSE                                                            Applicable international and                                                                                regulatory standards

Where required by investors, regulators or financing frameworks, Endoria intends to obtain independent third-party assurance or verification.

20. Development-Stage Disclosure

Endoria is currently a pre-commercial technology and project-development company.

Consequently, certain ESG metrics cannot yet be measured with the same certainty as those of an operating power plant.

In particular, Endoria has not yet completed:

• a full project-specific lifecycle carbon assessment;
• a complete Scope 1-3 operational inventory for a commercial facility;
• an independently verified carbon intensity per kWh;
• final water-use calculations;
• final material-intensity calculations;
• final biodiversity assessments; or
• independent verification of EU Taxonomy or Climate Bonds eligibility.

These assessments will be developed as project engineering, site characterisation and commercial design progress.

Endoria considers transparency regarding what is known, what is estimated and what remains to be demonstrated an essential component of responsible ESG-reporting.

21. ESG Commitment

Endoria's ambition is to develop Ultra-Deep Geothermal energy as a reliable, scalable and low-carbon component of the future energy system.

The company believes that geothermal energy can combine characteristics that are difficult to achieve simultaneously through other technologies:

• 24/7 availability;
• high energy density;
• low operational emissions;
• potentially low lifecycle emissions;
• limited surface footprint;
• no combustion during normal operation;
• no fuel supply chain;
• long asset life; and
• compatibility with industrial-scale energy demand.

At the same time, Endoria recognises that potential environmental performance is not the same as demonstrated environmental performance.

Accordingly, Endoria's ESG commitment is to progressively replace assumptions with evidence as each project advances from:

Concept → Engineering → Pilot → Validation → Commercial Deployment.

Endoria will seek to measure, disclose and, where appropriate, independently verify its environmental and social performance against recognised international standards.

Our objective is not merely to develop a new source of energy, but to develop it responsibly, transparently and to a standard that can withstand the scrutiny of regulators, industrial partners, investors and society.

Endoria Energy B.V., a company under formation under Dutch law
 - Unleashing Earth's Energy - 
 

ESG & Sustainable Development Declaration - Draft September 2026

Draft-version amongst others meant for the Technology & Investment Memorandum, investor due diligence, green-finance discussions / ESG-dataroom.

Prior to publish final version of the ESG Declaration, the following steps will be taken:

• each claim to be classified as Fact / Target / Expectation / To be verified;
• determine exactly which claims fall under the GHG Protocol;
• model Scope 1/2/3 for Endoria's future plant;
• creating a preliminary Scope 3 category map;
• prepare ISO 14040/44 + 14067 LCA-methodolgy;
• fully access Endoria against EU Taxonomy 4.6 (Geothermal electricity);
• assess against CBI geothermal criteria;
• elaborate on DNSH criteria for water, pollution, biodiversity and climate adaptation;
• consideration to incorporate IFC Performance Standards / Equator Principles for future projet finance;
• publish final ESG Declaration.