Vulcan Energy (Vulcan, ASX: VUL, FSE: VUL, the Company) is pleased to announce Export Finance Australia (EFA) has conditionally approved a €120m (~AU$196m) commitment as part of the Company’s debt financing process for its Phase One Lionheart integrated lithium and renewable energy project (the Project).

Highlights

• Approval of a €120m (~AU$196m) commitment by EFA follows the non-binding Letter of Support received by the Company in October 2023. Commitment subject to completion of final due diligence and signing of legal documentation including Australian export contract
• The Company is advancing its financing process, supported by BNP Paribas as financial advisor, following strong engagement throughout 2024 with the European Investment Bank, the Export Credit Agencies and commercial banks
• The Company is expecting to receive commitments from other funding parties in the coming weeks
• Vulcan is developing an integrated renewable energy and lithium project in the Upper Rhine Valley, Germany, aiming to decarbonise the lithium supply chain for electric vehicles (EVs) while supplying local communities with renewable heat and power
• The Phase One Lionheart Project is targeting production of 24,000 tonnes per annum of Lithium Hydroxide Monohydrate (LHM), equivalent to enough LHM for roughly 500,000 electric vehicles per annum. Vulcan will supply key auto and battery makers in the European supply chain, including its fourth largest shareholder, Stellantis. Group Chief Financial Officer, Felicity Gooding, commented: “The commitment from Export Finance Australia is an important step towards the finalisation of our debt financing package and we are delighted with the support received to date.

“As an Australian and Frankfurt dual-listed company, the backing of Australia’s export credit agency further deepens the relationship between Australia and Germany, at a time when securing global supply chain security is paramount. The Lionheart Project will build Australia’s sovereign capability in Adsorption-type Direct Lithium Extraction, the lowest cost form of lithium production.”

Media

Annabel Roedhammer | Vice President Communications | aroedhammer@v-er.eu | +49 1511 410 1585

Judith Buchan | Communications Lead – APAC | jbuchan@v-er.eu | +61 411 597 326