Vulcan Energy Resources Limited has presented an update on its Zero Carbon Lithium™ Project in Germany’s Upper Rhine Valley Brine Field.
Novopro’s crystallizer was successfully installed at the Vulcan Lithium Extraction Optimisation Plant (LEOP) in Landau. The crystallizer is the final process stage in Vulcan’s Optimisation Plant’s lithium extraction (concentration after purification) to generate the LiCl concentrate product from Vulcan’s renewable-heated brine.
Once operational and generating lithium chloride, LEOP will mark the emergence of a new domestic lithium industry in Germany and Europe, one that is produced responsibly and uses no fossil fuels. According to Vulcan, its Upper Rhine Valley Brine Field in Germany is Europe’s largest and most important lithium resource, with the potential to develop to supply local battery electric vehicle manufacturers. Vulcan’s contractual lithium offtake agreements include some of the world’s leading car and battery manufacturers and mark the beginning of Europe’s battery essential raw materials supply chain onshoring.
The company reported that Vulcan’s multi-disciplinary in-house team completed the production well pump repair workover at its production/re-injection well site in Insheim on schedule.
Normal operations at the Insheim geothermal renewable energy facility have resumed, delivering renewable energy to local communities.
Vulcan has completed the acquisition of its first land package for Phase One commercial lithium and renewable energy development. More purchases are planned in the following weeks.
Vulcan has begun negotiations with international EPC and EPCM contractors, as well as equipment and service providers, and hopes to begin entering into agreements for the various phases of the Zero Carbon Lithium™ Project in the coming weeks and months.
Vulcan has engaged White and Case as Borrower’s Legal Advisor to work alongside BNP Paribas on Vulcan’s debt financing process. Vulcan has already received good response from numerous commercial and development banks following a market-sounding exercise and has gained letters of intent from government-backed Export Credit Agencies, notably bpiFrance, who have classified Vulcan’s initiative as of strategic importance.
Vulcan successfully secured A$109 million (€66 million) before costs from institutional investors in Australia, Europe, the United States, and Hong Kong, with the cash being used primarily to purchase long-lead goods for the Phase One commercial project. Vulcan now has €166 million ($270 million) with cash and no debt, and its approximately 300-strong team is fast pursuing the Phase One commercial project execution.
