Vulcan Energy Resources (ASX:VUL) received approval of the main operating plan for the Phase One Lionheart project's lithium extraction plant in Landau, Germany, marking the final green light needed for full execution, according to a Wednesday Australian bourse filing.
It generated 1.5 million euros in gross revenue via its Natürlich Insheim geothermal renewable energy plant via the production of around 5.73 megawatt-hour of gross baseload, renewable power. It commenced the supply of geothermal renewable heat to the German municipal energy supplier, EnergieSüdwest, from its operations in Landau.
The company, as part of efforts to optimize its lithium offtake agreements for Phase One project financing, is in advanced talks with a premium German automaker, with which it has signed a letter of intent to enter into a binding lithium hydroxide offtake agreement for an eight-year period.
It also completed the acquisition of Geox, including its geothermal wells, renewable energy generation assets, and a geothermal and lithium license around the city of Landau. The assets will be used as part of the consolidation of the firm's wider upstream Project.
Shares of Vulcan Energy inched up 2% in recent trade.
Price (AUD): $4.86, Change: $+0.11, Percent Change: +2.32%
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