Vulcan Secures Federal Funding for Geothermal Heating Project in Landau, Germany

Wedoany.com Report-Nov 21, Vulcan Energy Resources Limited (Vulcan Energy) has announced the awarding of EUR 100 million from the German Federal Ministry of Economics and Climate Protection (BMWK) and the European Recovery and Resilience Facility via the German Recovery and Resilience Plan (BEW Funding) for its HEAT4LANDAU Project.

The HEAT4LANDAU Project comprises of infrastructure necessary for 255MW of geothermal heat generation, transport, and delivery for the city of Landau starting in 2026. It is part of Vulcan Energy’s Phase One Lionheart project, which aims to supply lithium hydroxide derived from geothermal brine, at a volume equivalent to about 500,000 electric vehicles per annum.

Landau is the location of Vulcan’s existing upstream optimization plant (LEOP) and recently acquired Geox geothermal wells and renewable energy generation assets.

The BEW Funding programme is one of several grants under the German national government and European Commission initiatives for which Vulcan has applied. Vulcan’s financing of Phase One Lionheart Project has been timed to coincide with the completion of the public grant funding process.

The Company’s Phase One Lionheart Project financing process continues, led by BNP Paribas, with a debt structuring group including the European Investment Bank, Export Credit Agencies from Australia, France, Italy, and Canada, as well as major European banks ING, Unicredit, ABN-AMRO, and Natixis.