Vulcan Energy draws first funds from $3.9b Lionheart financing package
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The news: Vulcan Energy has reached the first strategic drawdown conditions on its €2.2 billion ($3.9 billion) funding package for the Lionheart lithium and geothermal energy project.
The company also said in an announcement to the exchange that it had received the first equity drawdown.
The context: The Lionheart project is located in the Upper Rhine Valley Brine Field between Germany and France. It reached financial close in late May with initial equity funds received from partners.
The first phase of the project is expected to have the capacity to produce 24,000 tonnes of lithium hydroxide monohydrate, 275 gigawatt hours of renewable power and 560 gigawatt hours of heat. Its project life is estimated at 30 years.
What they said: “Lionheart is on track, with project funding being drawn in line with our construction schedule and capital requirements,” Vulcan managing director and chief executive Chris Moreno said.
The source: ASX
