Ann: Corporate Presentation Q1 2023, page-20

Total walking away from PRL’s hydrogen ambitions isn’t because they are difficult to work with or there is something wrong with Total - PRL inferring this is just them attempting to spin their way out of a negotiating failure and a shift in industry sentiment favouring subsidized US H2 investment over Aus-based (it’s quite bizarre imo how investors are lapping up that spin too, but I’ll leave that for the PRL thread to debate).

TotalEnergies would still be a great partner for Vulcan imo - much more aligned than most O&G operators. They have, via Total Eren (which they’ll soon take 100% control of this year), focussed their renewables efforts more towards solar/wind so geothermal would be something of a pivot for them, but certainly not outside of the realms of possibility.

Alternatively, a major expansion in the partnership with (and perhaps with an equity stake from) Enel would make sense for Vulcan. Italy’s Enel is widely regarded as a world leader in geothermal generation electricity supply.

https://www.enel.com/media/explore/search-press-releases/press/2022/07/enel-green-power-and-vulcan-energy-join-forces-on-geothermal-lithium-projects

~€207 billion in assets, ~€88 billion in revenue (2021).