Vulcan Energy completes acquisition of Geox GmbH

Summary

• The company announced in September 2024 it had signed an agreement to finalise the consolidation of its ownership of upstream Phase One lithium and renewable energy assets. This acquisition replaced a Joint Venture agreement and brine offtake agreement with Geox, and has now been completed with the company acquiring 100% of the assets.
• The assets, which include geothermal wells, are in the Landau region, which is also the location of Vulcan’s upstream Lithium Extraction Optimisation Plant (LEOP) and planned Geothermal and Lithium Extraction Plant (G-LEP).
• The assets will be used as part of Vulcan’s wider upstream Phase One Lionheart Project, to produce lithium for conversion into battery chemicals for European offtake partners, and to produce renewable energy for local consumers.
• As part of its wider project construction, Vulcan intends to dismantle the current geothermal power plant at Geox, increase brine production from the licence area, and start supplying local consumers with renewable energy via its G-LEP.
• The renewable heating component of this project has been awarded a €100 million grant from the German Federal Government.
• Vulcan currently estimates 20% of Phase One upstream brine production will come from this licence area for geothermal renewable energy and lithium production.
• The company plans to start initial supply to the City of Landau with renewable baseload heating as a first step.

Managing Director and CEO, Cris Moreno, commented:

“The completion of the acquisition of Geox is the final step in consolidating our upstream renewable energy assets for Phase One, streamlining operations, and an important pre-requisite to finalising our Phase One financing package.

“We are at an important juncture in the history of Vulcan and look forward to sharing more developments as we transition to the construction and production phase of the project.”