- Vulcan Energy Resources (VUL) enters into a collaboration agreement with Enel Green Power (EGP) to develop its Italian project to explore future opportunities for cooperation
- EGP is the largest geothermal energy producer in Italy and under the agreement will have half ownership of Vulcan’s Cesano licence near Rome
- The parties will assess the potential of the license in a step-wise approach, which will initially start with a scoping study
- On the market, VUL shares were up 7.88 per cent to trade at $5.89 each at 12:24 pm AEST
Vulcan Energy Resources (VUL) has entered into a collaboration agreement with Enel Green Power (EGP) to develop its Italian project to explore future opportunities for cooperation.
EGP is the largest geothermal energy producer in Italy and has agreed to help explore and develop Vulcan’s Cesano licence near Rome.
Under the agreement, the parties will half ownership of the Cesano permit, which has potential for development of lithium battery chemicals.
Vulcan and EGP will assess the potential of the license in a step-wise approach, which will initially start with a scoping study.
Vulcan’s Managing Director, Francis Wedin, is aiming to increase the future supply of the company’s lithium product in response to “significant” customer demand.
“By growing and diversifying our project development portfolio, we ultimately aim to develop a globally significant Zero Carbon Lithium business focused on Europe, for Europe,” Dr Wedin said.
“We welcome the opportunity to collaborate with Enel Green Power on the development of geothermal lithium.”
Lithium is a core component for making lithium-ion batteries electric vehicles.
On the market, VUL shares were up 7.88 per cent to trade at $5.89 each at 12:24 pm AEST.