Vulcan welcomes German government’s €1 billion for critical raw materials to bolster green projects
Vulcan Energy Resources welcomes the German government’s creation of a €1.1 billion (AU $1.8 billion) investment fund to fortify the nation’s access to critical raw materials essential for high-tech and green projects. This will be managed by the state-owned KfW development bank.
Initial details indicate a selection process will be established to determine which projects are eligible, including in extraction, processing, and recycling materials.
For Vulcan, this decision to invest further in the development of domestic raw material projects comes at an important time for the company, which is progressing with its project-level debt and equity financing program for Phase One of the ZERO CARBON LITHIUM™ Project.
Managing Director and CEO Cris Moreno stated: “The demand for lithium is expected to increase 57-fold by 2050 in Europe. Vulcan aims to be front and centre for securing a domestic and sustainable supply chain within Europe, for Europe. We are thrilled to see this commitment made to ramp up and foster innovation, ensuring domestic resilience of critical raw materials supply chains and to include this investment program into our debt and project-level equity financing process”.
As an integrated lithium and geothermal company with net zero greenhouse gas emissions, and process operations from lithium extraction to lithium hydroxide production, Vulcan believes itself to be well-placed to potentially benefit from this investment process.
Vulcan is developing sustainable lithium production from its ZERO CARBON LITHIUM™ Project in the Upper Rhine Valley, Germany, the largest lithium resource in Europe. Phase One of Vulcan’s ZERO CARBON LITHIUM™ Project will produce 24,000tpa of Lithium Hydroxide (LHM), equivalent to 500,000 Electric Vehicles. Vulcan will supply key auto and battery makers in the European supply chain, including its second-largest shareholder, Stellantis.
Vice President Communications and Investor Relations
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