Australia's Vulcan Energy Resources said on Tuesday it had received 100-million euros ($106.42-million) in funding from the German economy 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 sustainable and renewable district heating, starting 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 company's Phase One Lionheart Project financing process is on track, led by BNP Paribas, with a debt structuring group including the European Investment Bank, and others.
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.
Shares of Vulcan Energy surged as much as 16.8% to a more than 18-month high on Tuesday, before closing up 12%.
Edited by: Reuters
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