Vulcan Energy, a company listed in Australia, receives $106 million funding from the German Ministry

Vulcan Energy Resources, an Australian company, announced on Tuesday that it received funding of 100 million euros (106.42 millions dollars) from the German Economy Ministry for its renewable energy facility in Landau in Germany.

The Vulcan HEAT4LANDAU Project is a project to generate renewable geothermal heating to support Landau’s transition to sustainable district heating starting in 2026.

The project is a part of Vulcan’s Phase One Lionheart Project. This project aims to increase Europe's supply chain for green lithium by strengthening the capacity of 24,000 metric tonnes of lithium hydroxide per year.

BNP Paribas is leading the company's Phase One Lionheart Project Financing Process, which includes a group of debt structuring experts, including European Investment Bank and others.

Vulcan said that it has applied for several grants from the German government and European Commission under the German Recovery and Resilience Plans.

Vulcan shares surged 16.8% on Tuesday to reach a high of more than 18 months, before closing at 12%.

(source: Reuters)