Vulcan Energy Resources (ASX:VUL) and Stellantis have signed a binding term sheet to support decarbonisation of the Rüsselsheim auto manufacturing facility in the Upper Rhine Valley, Germany, by developing new geothermal projects.
The project is comprised of multiple phases, with the first phase being a pre-feasibility study for geothermal energy assets conducted by Vulcan.
Stellantis will aim to source funding for 50% of the project development after the first phase.
This partnership between Vulcan and Stellantis reinforces Stellantis' commitment to promoting clean energy solutions and highlights the compatibility of climate protection and state-of-the-art industrial production in the German state of Hesse.
The agreement will continue until validly terminated in the ordinary course and the parties will each own 100% of their data and studies following the first phase.