This week, Vulcan Energy Resources announced that it has been granted five new exploration licenses for geothermal energy, and lithium in the Upper Rhine Valley, Germany.
The licenses cover 325 square kilometres of area which is considered by Vulcan to be prospective for deep geothermal and lithium brine, and increases the company’s granted license area by nearly 50% to over 1,000 square kilometres.
Vulcan’s license holding stretches across three states in the Upper Rhine Valley, with the latest licenses in the states of Rhineland-Pfalz complementing existing licenses in this state, as well as in Hessen and Baden-Württemberg.
The company is targeting the completion of its Phase 1 Definitive Feasibility Study in the second half of 2022 and the first commercial production of lithium by 2024.
Vulcan is seeking to grow its Zero Carbon Lithium Project to service the European market, following strong demand from off-take customers for both lithium chemicals and renewable heating. These licenses will potentially provide a larger pipeline of projects, as Vulcan works to integrate further production capacity and additional project areas into its Phase 1 and 2 plans.
The new exploration licenses are consistent with Vulcan’s strategy to leverage the experience of its in-house team, notably the geological expertise of its in-house geothermal engineering and geology company GeoT, to identify areas that have potential for combined geothermal renewable energy and lithium developments in the Upper Rhine Valley.
Vulcan’s Managing Director Dr. Francis Wedin commented: “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."