Vulcan Energy rises after Germany grants lithium permit
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The news: Shares in Vulcan Energy climbed in early trade after the company was granted its first permit for the flagship Lionheart Project in the state of Rhineland-Palatinate, Germany.
Shares have risen 4.67% to $3.14 at 11:44am AEDT.
The context: The Lionheart project involves the development of an integrated lithium and renewable energy project targeting production capacity of 24,000 tonnes of lithium hydroxide monohydrate, enough to supply around 500,000 electric vehicle batteries per annum, alongside 275 gigawatt-hour of renewable power over an estimated 30-year life project.
Vulcan said the permit marks a significant step for Germany and the European Union in strengthening critical raw materials and battery supply chains.
What they said: "This first lithium production permit sits alongside the $3.9 billion funding package which underpins construction activities under way,” Vulcan Energy CEO Cris Moreno said.
“We are another step closer to delivering Europe’s first fully domestic lithium supply chain, powered by geothermal energy co-production, an important step forwards for critical materials resilience in Germany and Europe,” he added.
The source: ASX
