Vulcan Energy shares tank as it announces JordProxa partnership
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More news: Shares in Vulcan Energy tumbled as the renewables producer awarded lithium processing technology and equipment contracts worth a combined $252 million to Sydney-headquartered JordProxa.
Vulcan shares were down 7.7% to $6.59 at 2:15pm AEDT, having soared 55% over the last month. The wider materials sector was down 0.39%.
Vulcan Energy awards $252m lithium processing contract to Australian firm JordProxa
The news: Vulcan Energy has awarded lithium processing technology and equipment contracts worth about EUR140 million ($252 million) to Sydney-headquartered JordProxa, supporting the development of lithium hydroxide used in electric vehicle batteries.
The context: Under the contracts, JordProxa will work on “design, fabrication, modularisation and delivery of the core process units for lithium extraction, purification and concentration” as a part of the Phase One Lionheart Project located near Landau, Germany.
The work will centre around the lithium extraction plant via adsorption-type direct lithium extraction process and conversion at the central lithium plant.
The extraction plant is located in Landau while the central lithium plant is located at Industrial Park Höchst in Frankfurt.
Vulcan is targeting contract finalisation in Q4 2025, alongside additional project and financing agreements.
The JordProxa contracts follow a memorandum of understanding signed in May 2024, which facilitated early engagement with contractors to clarify the scope definition and other design requirements.
The source: ASX
