Vulcan Energy shares fall despite green light for geothermal plant
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More news: Shares in Vulcan Energy fell even as the lithium and renewable energy producer secured approval and building permits for a geothermal energy plant and electrical substation in Landau, Germany, as a part of its wider Lionheart project.
At middaey AEST, Vulcan Energy’s share price had fallen 4.1% to $3.75, performing worse than the wider materials sector which was down 0.6%.
Vulcan Energy gets green light for German geothermal plant
The news: Vulcan Energy has secured approval and building permits for the 30 megawatt (MW) geothermal renewable energy plant and electrical substation in Landau, Germany that is part of the wider Lionheart lithium production project.
The context: The baseload power produced at the plant will both be sold into the grid and be used for Vulcan’s own lithium production operations.
When complete, it will add to the 4.8MW of geothermal energy the company already commercially produces and its renewable heat sales.
The geothermal plant is part of the Phase One Lionheart Project which will co-produce geothermal energy and lithium hydroxide - a key input for electric vehicle batteries - by extracting hot brine across 24 production and re-injection wells in the Upper Rhine Valley Brine Field.
The company expects geothermal power to make a significant contribution to European renewable energy needs.
What they said: “We plan to produce battery-quality lithium products from the same geothermal brine that is used to produce renewable energy for local use,” Vulcan Energy managing director and chief executive Cris Moreno said.
“Approval of the permit means we are that much closer towards our goal of enabling a long-term transition to renewable energy in Landau and developing a local source of sustainable lithium for the European battery industry.”
The source: ASX
