Vulcan Energy soars after Lionheart achieves EU 'strategic project' status
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The news: Lithium and renewable energy producer Vulcan Energy saw its shares rocket after its Lionheart lithium project in Germany was identified as a "strategic project" under the European Commission's Critical Raw Materials Act (CRMA).
The numbers: Vulcan shares were up 11% to $5.27 at 2:40pm AEDT, having advanced nearly 80% over the last 12 months.
The context: The CRMA designates strategic projects to increase the European Union's capacity to extract, process and recycle strategic raw materials and diversify EU supplies from third-party countries.
Vulcan said that its "strategic project" status will allow the company to request a meeting of the CRMA financing subgroup, which is expected to support access to further project funding.
Lionheart is poised to be the largest lithium resource in Europe and a tier-one lithium project globally, supplying low cost sustainable lithium for European electric vehicle batteries.
What they said: "Achieving strategic project status from the European Commission validates the importance of our integrated lithium and renewable energy projcet to European industry, and builds momentum for the delivery of Europe's first fully domestic and sustainable lithium value chain," said Vulcan managing director and CEO Cris Moreno.
"The CRMA plays a pivotal role in driving change and highlighting the importance of sustainable raw material extraction in Europe," he said.
"With access to Europe's largest lithium resource, our project is strategically positioned to support the CRMA benchmarks and diversify the EU's lithium supply award from third countries."
The source: ASX
