- Vulcan Energy (ASX:VUL) takes another step forward in its quest to establish a more sustainable battery electric vehicle (BEV) supply chain in Europe
- The company secured the go-ahead from the Landau City Council to build its Phase One G-LEP
- It marks the final milestone for Phase One construction permits and signifies strong local support for the project’s environmental and social benefits
- Vulcan is targeting the first lithium production from its optimisation plants in Q1 2024 and aims to finalise Phase One financing by Q2 end
- VUL shares last traded at $2.15
Vulcan Energy (ASX:VUL) has taken another step forward in its quest to establish a more sustainable battery electric vehicle (BEV) supply chain in Europe.
The company has secured the go-ahead from the Landau City Council to build its Phase One Geothermal renewable energy and Lithium Extraction Plant (G-LEP) on designated land in the city’s planned “Am Messegelände Südost” commercial park.
This positive vote marks the final milestone for Phase One construction permits and signifies strong local support for the project’s environmental and social benefits.
“This is a collective stakeholder engagement effort, and we are thrilled to have the City of Landau and its administration working together with us towards realising the enormous benefits of our project to the Landau region and beyond,” VUL Managing Director and CEO Cris Moreno said.
“This positive decision is a significant de-risking event for Phase One.”
Vulcan is targeting the first lithium production from its optimisation plants in Q1 2024 and aims to finalise Phase One financing by Q2 end.
Phase One boasts a targeted annual production capacity of 24,000 tonnes of lithium hydroxide, enough for roughly 500,000 BEVs. This would be a major step towards establishing a green lithium supply chain within Europe.
Vulcan uses Adsorption-Type Direct Lithium Extraction (A-DLE), a technology that already accounts for approximately 10 per cent of the global lithium supply.
The G-LEP’s opening will deliver several key benefits for Europe, including its first fully domestically produced lithium chemicals. It will also decarbonise the BEV battery value chain and support the domestic energy transition.
VUL shares last traded at $2.15.