Vulcan Energy (ASX:VUL) has received building permit approvals for the 30 megawatt geothermal renewable energy plant and electrical substation that forms part of the phase-one Lionheart Project in Germany.
Lionheart comprises integrated lithium production and conversion for the battery electric vehicle industry in Europe, as well as the co-production of renewable energy.
The company will use the plant in Landau to supply an increased amount of baseload, renewable power, for sales into the grid and for its own operations to produce lithium with a carbon neutral footprint.
CEO Cris Moreno says securing the permit approval means the company is closer towards its goal of enabling a long-term transition to renewable energy in Landau and developing a local source of sustainable lithium.
“We plan to produce battery-quality lithium products from the same geothermal brine that is used to produce renewable energy for local use,” Moreno says.
Vulcan, which has a market capitalisation of $855 million, is already commercially producing geothermal, baseload power in Germany for 6,500 homes from a 4.8 megawatt plant nearby.
The company is also selling renewable heat from a separate location.
Vulcan Energy is focused on building the world’s first carbon neutral, integrated lithium and renewable energy business to decarbonise battery production.
The Lionheart Project, located in the Upper Rhine Valley Brine Field bordering Germany and France, is believed to be the largest lithium resource in Europe.
Write to Aaliyah Rogan at Mining.com.au
Images: Vulcan Energy
