Vulcan Energy secures initial cash for flagship project
- Vulcan Energy met the first strategic drawdown conditions for its €2.2 billion funding package.
- The announcement left the company's ASX stock price unchanged at the close of trading.
- The funds will progress the construction of an integrated lithium and renewable energy project in Europe.
Vulcan Energy (ASX:VUL) has met its first strategic drawdown conditions to receive initial equity funds for its €2.2 billion Lionheart lithium and geothermal project.
The receipt of these funds follows the project achieving financial close in late May.
"The receipt of the first strategic equity funds is a significant milestone following financial close and demonstrates the continued momentum of Lionheart," said Vulcan Energy Managing Director CEO Cris Moreno.
The company stated that the Lionheart development targets an initial production capacity of 24,000 tonnes of lithium hydroxide monohydrate per annum alongside renewable power and heat co-products.
Following the announcement, the Vulcan Energy share price was unchanged at $2.76.
The project is located in the Upper Rhine Valley brine field between Germany and France with an estimated 30-year operational life.
The business stated that project funding continues to be drawn in line with its construction schedule and capital requirements.
