DWK Deutsche Wasserkraft AG Announces Corporate Name Change and Strategy Progress

Hamburg, 30 August 2024 - DWK Deutsche Wasserkraft AG has officially changed its name from CGift AG, marking a significant milestone in its transformation into an independent power producer (IPP) focused on hydropower. The name change is now registered in the commercial register, signaling DWK's dedicated strategic shift.

In a major development, DWK has secured commitments from major shareholders for an upcoming cash capital increase of 300,000 new shares. The shares, priced at EUR 1.10 each, are aimed at institutional investors via a private placement. This move will elevate the company's share capital to EUR 2,208,464.

DWK's management, led by Jan Erik Schulien and Henning Rath, is actively exploring investment opportunities in small hydro power plants as part of their growth strategy. Notably, Schulien and Rath hold a 7.5 per cent stake in DWK and plan to increase their shareholding, showing strong confidence in the company's potential.