Join our daily newsletter At The Bell to receive exclusive market insights
- Vulcan Energy Resources (VUL) installs a crystalliser at its Lithium Extraction Optimisation Plant in Germany
- The crystalliser represents the final step in the lithium extraction process for its optimisation plant to produce lithium chloride concentrate from renewable-heated brine
- Vulcan has also resumed operations at its Insheim plant, and secured its first land package for the commercial development of lithium
- The company holds $270 million in cash and no debt, with drilling and plant operations on track for Q3 2023
- VUL shares are down 3.82 per cent, trading at $4.03 at 12:15 pm AEST
Renewable energy and lithium producer Vulcan Energy (VUL) has installed a crystalliser at its Lithium Extraction Optimisation Plant in Germany.
The update represents the final step in the lithium extraction process for Vulcan’s optimisation plant to produce lithium chloride concentrate from renewable-heated brine
Once operational and producing lithium chloride, the plant will run sustainably, with zero fossil fuels used in the production process.
Meanwhile, Vulcan’s Insheim plant has resumed operations following the completion of in-house maintenance work on its production well to extract geothermal energy from an underground reservoir.
The Insheim plant is now supplying renewable power to local communities.
Vulcan has secured the first land package for the commercial development of phase one of its renewable energy and lithium project, and is in discussions with international contractors and equipment providers.
The company has received letters of intent from government-backed export credit agencies, including bpiFrance, who classed the project as being of “strategic importance.”
VUL has engaged with White and Case as its legal advisor to assist with the legal aspects of securing its debt and to work alongside BNP Paribas in the debt financing process.
Vulcan’s binding lithium offtake agreements with some of the world’s largest auto and battery manufacturers represent the start of Europe’s onshoring of its battery critical raw materials supply chain.
The company has already received positive feedback from the market, with a successful placement raising $109 million. Vulcan holds $270 million in cash and no debt, with drilling and plant operations on track for Q3 2023.
VUL shares were down 3.82 per cent, trading at $4.03 at 12:15 pm AEST.
