International 13. Feb 2024

Vulcan paves the way: European Parliament’s call for an EU geothermal energy strategy

Vulcan welcomes the results of the Report on Geothermal Energy by the European Parliament, which has been overwhelmingly voted for in a motion with 531 in favour and two against. The Report noted:

  •  geothermal energy is vital not only for the energy transition but for the just transition.
  •  geothermal energy can supply more than 75 % of the heating and cooling consumed in Europe and over 15 % of its electrical power by 2040.
  • the process of extracting raw materials from geothermal brines in an environmentally sustainable way could help contribute to securing a local and reliable supply of strategic critical raw materials, including lithium, therefore strengthening the EU’s economic resilience.
  • notes, in this regard, that facilities that extract both geothermal energy and raw materials induce higher employment effects than traditional geothermal plants as well as attract businesses looking to use multiple resource streams.

This significant step highlights Europe’s recognition of geothermal energy as an untapped opportunity for renewable energy development and underlines the EU’s commitment to its broader climate and energy targets for 2030.

Vulcan is championing Europe’s geothermal energy transition. In October, Vulcan’s Co-Founder and geothermal energy expert, Dr. Horst Kreuter, hosted members of Professor Krasnodębski’s team at its geothermal power plant in Insheim, Germany, which for many was their first visit to a geothermal plant. Following this visit, Vulcan supported the European Parliament in Brussels, together with the European Geothermal Energy Council (EGEC), in formulating a needs assessment for the geothermal industry and contributing to the European geothermal agenda.

Vulcan’s is already contributing to a green energy future for Europe, suppling thousands of households with renewable power from its Insheim geothermal plant, in Germany. Further expansion of its geothermal operations is under planned as part of Phase One of the ZERO CARBON LITHIUM™ Project.

On a German federal level, the Federal Government has set out a vision to boost the country’s geothermal potential tenfold to 10 terawatt-hours and add another 100 geothermal projects by 2030. By this time, Vulcan aims to provide geothermal renewable heat production for one million people through its integrated renewable energy and ZERO CARBON LITHIUM™ Project.

Managing Director and CEO, Cris Moreno stated: “Geothermal energy is a constant “24-7” form of energy and it is pleasing to see this source recognised and valued as a substantial part of the European energy solution of the future. This resolution will accelerate geothermal energy adoption and act as a catalyst for Vulcan’s ZERO CARBON LITHIUM™ Project for Phase One and beyond.

 

Media inquiries:  

Annabel Roedhammer
Vice President Communications and Investor Relations
aroedhammer@v-er.eu
+49 (0) 1511 410 1585