- Vulcan Energy Resources (VUL) granted five new exploration licenses for geothermal energy and lithium in the Upper Rhine Valley, Germany
- The licences cover an area of 325 square kilometres and is considered to have potential for deep geothermal and lithium brine
- Vulcan is looking to complete its phase one Definitive Feasibility Study (DFS) in the first half of 2022 and first commercial production of lithium by 2024
- The company is aiming to grow its Zero Carbon Lithium Project to service the European market, following strong demand from offtake customers
- On the market this morning, Vulcan was up 5.19 per cent at $10.94 per share
Vulcan Energy Resources (VUL) has been granted five new exploration licenses for geothermal energy and lithium in the Upper Rhine Valley, Germany.
The licences cover an area of 325 square kilometres and is considered to have potential deep geothermal and lithium brine and increase Vulcan’s granted license area by nearly 50 per cent to over 1000 square kilometres.
Vulcan is looking to complete its phase one Definitive Feasibility Study (DFS) in the first half of 2022 and its first commercial production of lithium by 2024.
The company is aiming to grow its Zero Carbon Lithium Project to service the European market, following strong demand from offtake customers for both lithium chemicals and renewable heating.
Commenting on the new licences is Managing Director Francis Wedin.
“Our core mission is to build shareholder value by having a materially decarbonising
effect on the lithium supply chain for battery electric vehicles, and on energy
production in Europe. To do this, we aim to further grow our Zero Carbon Lithium Project,” Dr Wedin said.
“Following the signing of binding lithium offtake agreements with Volkswagen Group, Stellantis, Renault Group and Umicore, as well as a binding term sheet with LG Energy Solution, Vulcan’s current plans for lithium production are now fully booked for the first five to six years of planned operation, a unique achievement which is testament to our team and the uncompromising environmental credentials of the Zero Carbon Lithium Project.”
On the market this morning, Vulcan was up 5.19 per cent at $10.94 per share at 10:45 am AEDT.