Vulcan Energy to delay Lionheart project to secure German funding

The news: Lithium and renewable energy producer Vulcan Energy has delayed construction at its flagship Lionheart lithium project in Germany to allow for potential additional funding from the country's government.

The numbers: Vulcan previously applied for funding under the €1 billion ($1.7 billion) German raw materials fund (RMF), which aims to "participate in projects that contribute to safeguarding the supply of raw materials and which help extract, process and recycle critical raw materials for Germany and reduce Germany's dependence on other countries."

The context: The Lionheart project, which is expected to be the world's first integrated renewable energy and lithium project, was selected for "detailed due diligence" under the funding scheme.

Vulcan said that it has consequently adjusted its target timeline for project financing to allow for the potential inclusion of RMF funding. The company now hopes to finalise the agreements and commence full project construction in the second half of the current calendar year.