Vulcan Energy granted five new exploration licences in Germany

Lithium miner Vulcan Energy said on Tuesday it has been given five new exploration licenses for geothermal energy, and lithium in Germany. 

The company said that the licenses cover a 325km2 area which is considered by Vulcan to be prospective for “deep geothermal and lithium brine.” These new areas increase Vulcan’s granted license area by nearly 50 percent to over 1,000km2.

“Our core mission is to build shareholder value by having a materially decarbonising effect on the lithium supply chain for battery electric vehicles, and on energy production in Europe. To do this, we aim to further grow our Zero Carbon Lithium Project,” said Vulcan’s Managing Director Dr. Francis Wedin.

Vulcan is a lithium developer and has deals with car makers like Renault. The company said that these new licenses stretch across three states in the Upper Rhine Valley.

The company said they are targeting completion of its Phase 1 Definitive Feasibility Study (DFS) in H2 2022 and will start its first commercial production of lithium by 2024.