Australian lithium developer, Vulcan Energy Resources, confirmed on November 12 that it has received a significant €100 million ($106.42 million) funding boost from the German economy ministry. This substantial investment will be channelled towards the Vulcan HEAT4LANDAU project, a pioneering initiative aimed at generating renewable geothermal heat to power Germany’s Landau's transition to sustainable and renewable district heating, commencing in 2026.

The HEAT4LANDAU project is a key component of Vulcan's broader Phase One Lionheart Project. This ambitious undertaking targets an annual lithium hydroxide production capacity of 24,000 metric tons, positioning Europe as a key player in the global green lithium supply chain.

Vulcan is currently progressing its Phase One Lionheart Project financing process, spearheaded by BNP Paribas, with a consortium of lenders including the European Investment Bank and other financial institutions. The German Recovery and Resilience Plan funding program represents one of several grants that Vulcan has applied for under the German national government and European Commission initiatives.

The news of the funding injection has been positively received by investors, with Vulcan Energy's shares surging as much as 16.8% on Tuesday, reaching an 18-month high before closing the day with a 12% increase.

This development underscores the growing global interest in sustainable energy solutions and the pivotal role of geothermal energy in achieving a greener future. Vulcan Energy's commitment to advancing renewable technologies and strengthening Europe's lithium supply chain positions the company as a key player in the global energy transition.

About Vulcan Energy –

Vulcan Energy Resources is pioneering a sustainable approach to lithium production through its integrated lithium chemicals and renewable energy business. Based in Europe and headquartered in Australia, Vulcan aims to decarbonize lithium production by utilizing geothermal energy, with a commitment to achieving net-zero greenhouse gas emissions. The company’s innovative approach combines its proprietary VULSORB lithium sorbent technology and deep geothermal drilling expertise to produce carbon-neutral lithium, a critical component for electric vehicle (EV) batteries.

Vulcan is strategically positioned within the European electric vehicle supply chain, seeking to become the largest and preferred supplier of sustainable lithium chemicals in Europe. Their mission also extends to enhancing energy security through geothermal renewable energy, contributing to a carbon-neutral future. The company is driven by a passionate, multidisciplinary team, focused on environmental sustainability and science-driven innovation. Vulcan is committed to Environmental, Social, and Governance (ESG) initiatives, and its projects are designed to support the global transition to sustainable, decarbonized transportation.