Vulcan Energy shares lift on lithium project funding
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More news: Shares in Vulcan Energy climbed on the ASX after the lithium and renewable energy producer signed a $1.45 billion conditional debt commitment from Export Finance Australia and seven commercial banks for the first phase of its Lionheart lithium project in Germany.
Vulcan shares were up 2.3% to $5.90 by 1:50pm AEDT, having more than doubled in value this calendar year.
Vulcan ties up $1.45b in part funding for Germany lithium project
The news: Vulcan Energy has tied up part of the debt funding for its planned Phase One Lionheart lithium project in Germany.
The numbers: The lithium and renewable energy producer said it has signed conditional debt commitment for €879 million ($1.45 billion) from Export Finance Australia and seven commercial banks.
The project is estimated to totally cost €2.2 billion, including debt funding of €1.5 billion to €1.6 billion.
The context: Vulcan said the conditional commitment follows the additional approval received from the European Investment Bank’s board earlier this month.
It is seeking additional approvals from Export Development Canada, BPiFrance and SACE to reach its target total debt package, with final finance documentation expected in the first half of 2025.
The Phase One project is expected 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.
The source: ASX announcement
