Australian lithium and renewable energy firm Vulcan Energy Resources has received €100 million ($106.42 million) in funding from the German economy ministry to support its renewable geothermal energy project, Vulcan HEAT4LANDAU, in Landau, Germany.
Scheduled to begin operations in 2026, the project aims to supply renewable geothermal heat for Landau's transition to sustainable district heating.
The HEAT4LANDAU project is part of Vulcan's broader Phase One Lionheart Project, which targets an annual production capacity of 24,000 metric tons of lithium hydroxide to bolster Europe's green lithium supply chain.
The financing process for the Lionheart Project, led by BNP Paribas with a debt structuring group that includes the European Investment Bank, is progressing as planned.
The German Recovery and Resilience Plan funding is one of several grants from the German national government and European Commission that Vulcan Energy has applied for, the company noted.
Following the funding announcement, Vulcan's shares surged by as much as 16.8% on Tuesday, closing up 12% at an 18-month high.
