Australia-listed Vulcan Energy gets $106 mln funding from German ministry

Vulcan Energy Resources

12/11/2024 04:47

Nov 12 (Reuters) - Australia-listed Vulcan Energy
Resources  VUL.AX  said on Tuesday it had received 100 million
euros ($106.42 million) funding from the German Federal Ministry
for its renewable energy plant in Landau, Germany.
    The Vulcan HEAT4LANDAU project is for generating renewable
geothermal heat to support Landau's transition to a sustainable
and renewable district heating, starting in 2026. 
    The project is part of Vulcan's Phase One Lionheart Project,
which aims for a 24,000 metric tons of lithium hydroxide
production capacity per year, strengthening Europe's green
lithium supply chain.
    The German Recovery and Resilience Plan funding programme is
one of the several grants under the German national government
and European Commission initiatives for which Vulcan has
applied, the company said.
      
    

($1 = 0.9397 euros)

 (Reporting by Sneha Kumar in Bengaluru; Editing by Rashmi Aich)
 ((Sneha.Kumar@thomsonreuters.com;))