Vulcan Energy Advances Renewable and Lithium Projects in Q4 2024

Vulcan Energy Resources Limited (ASX: VUL, FSE: VUL) reported major developments in its Phase One Lionheart Project, a renewable energy and sustainable lithium endeavor in Europe. The company successfully raised €100 million through placement, complemented by a €4.9 million Share Purchase Plan. Export Finance Australia, along with commercial banks, committed to a €879 million debt for project financing, with further potential support from the European Investment Bank.

Significant progress was noted with the initiation of lithium hydroxide production at the Central Lithium Electrolysis Optimisation Plant in Frankfurt. Furthermore, Vulcan secured €100 million in funding from the German Federal Ministry for its HEAT4LANDAU Project and reinforced its board with strategic appointments ahead of planned 2025 activities.

The company locked in agreements with BASF for renewable heat supply development and received a 'Dark Green' status from S&P Global Ratings, reflecting its high standards in green financing.