Highlights:
- Binding agreement signed to acquire 100% of geothermal sub-surface consultancy company GeoThermal Engineering GmbH (GeoT).
- GeoT has a highly credentialed, world-leading scientific team with over a century of combined expertise in sub-surface development of geothermal projects, from exploration to production drilling.
- Acquisition is part of Vulcan's plans to accelerate its Zero Carbon Lithium® project in Germany, by rapidly growing its development team.
- GeoT (https://www.geo-t.de/en/) is based in the Upper Rhine Valley, Germany, and is owned by Vulcan Executive Director Dr. Horst Kreuter.
Vulcan Managing Director, Dr. Francis Wedin, commented: "By acquiring GeoT, we are welcoming decades of experience of German deep geothermal sub-surface project development into the Vulcan team. GeoT has exceptional expertise in the geology and geochemistry of the Upper Rhine Valley geothermal brine. Our motivations are fully aligned: to decarbonise heat and power in Europe with geothermal development in the Upper Rhine Valley, and in doing so to co-produce Zero Carbon Lithium® for the European electric vehicle market. We expect our larger, bolstered development team to accelerate the development of our globally unique project."
About GeoT
GeoT is headquartered in the city of Karlsruhe, within the Upper Rhine Valley of Germany. It was founded in 2005, and has been involved in developing deep geothermal projects in Germany and worldwide since then. GeoT has been working closely with the Vulcan team since the inception of Vulcan's Zero Carbon Lithium® Project. GeoT's geothermal experts have over a century of combined geothermal industry experience, including:
- Dr. Michael Kraml, Senior Geologist and Geochemist;
- Tobias Hochschild, Senior Geologist;
- Dr. John Reinecker, Senior Geologist;
- Dr. Philipp Wolpert, Geologist;
- Kosha Wittmann, Geoscientist;
- Franziska Marquart, Geoscientist;
- Dr. Christina Schmidt, Geologist;
- Christina Baisch, Senior Consultant;
- Dr. Jens Grimmer, Senior Geologist
Recent activities by the Company (https://v-er.com/investor-centre/asx-announcements/):
- $120 million placement endorses Zero Carbon Lithium®.
- COO appointment and Vulcan joins lithium ISO committee.
- Positive Pre-Feasibility Study.
- German legislation embraces geothermal energy.
- European Commission Regulation on batteries & CO2 footprint.
- Appointment of lithium, chemistry & automotive experts to the Executive Team.
About Vulcan
Vulcan Energy Resources is aiming to become the world's first Zero Carbon Lithium® producer, by producing a battery-quality lithium hydroxide chemical product with net zero carbon footprint from its combined geothermal and lithium resource, which is Europe's largest lithium resource, in the Upper Rhine Valley of Germany. Vulcan will use its unique Zero Carbon Lithium® process to produce both renewable geothermal energy, and lithium hydroxide, from the same deep brine source. In doing so, Vulcan will address lithium's EU market requirements by reducing the high carbon and water footprint of production, and total reliance on imports, mostly from China. Vulcan aims to supply the lithium-ion battery and electric vehicle market in Europe, which is the fastest growing in the world. Vulcan has a resource which can satisfy Europe's needs for the electric vehicle transition, from a zero-carbon source, for many years to come.
