Actually, Alster's report has no excess energy revenue factored in for stage 1 of the project. It does in fact include energy revenue for stage 2, at $4M USD in 2024, increasing to $10M from 2025 onwards. Relative to total revenue, the energy portion is not what will have a meaningful effect on company value long term. Lithium prices, and Vulcan's ability to access low interest loans/green grants are much more likely to affect expenses and profit. I am more focused on estimations of lithium supply/demand in the next decade, as well as EU financial commitments that support renewable initiatives, than the amount of additional, marginal revenue Vulcan may achieve through energy sales.
So IMO key risks are timeline/lithium prices/availability of advantageous funding options.
Actually, Alster's report has no excess energy revenue factored...
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