Vulcan Energy Resources acquires 4.8 MW Insheim geothermal power plant

Insheim geothermal power plant, Germany (source: Vulcan Energy Resources)

Australian-German lithium start-up Vulcan Energy Resources acquires Insheim geothermal power station in Rhineland-Palatinate, Germany.

Announced last night by the company and reported this morning by the German publication Handelsblatt, the German-Australian Vulcan Energy Resources has acquired the Insheim geothermal power plant by Pfalzwerke geoFuture, the operating company belonging to the local utility company Pfalzwerke AG.

With this acquisition, the company wishes to accelerate the development of its own lithium conveying technology. Vulcan is targeting CO2-free lithium extraction in Germany. Much now depends on the success of the business, so Handelsblatt.

Australian-listed lithium start-up Vulcan Energy is acquiring the 4.8 MW geothermal power plant in Insheim with the intention of setting up a new test facility for lithium production. As the company announced on Friday, it will pay 31.5 million euros (around $ 35.7 million) for the plant located between Landau in the Palatinate and the city of Karlsruhe. As a second step, Vulcan wants to build a pilot system there, with which the company wants to filter the precious metal from the hot liquid containing minerals in the subsoil.

The project is extremely important for the listed start-up: Vulcan founder Horst Kreuter said in an interview with Handelsblatt that the aim of the transaction is to refine the lithium mining process. “It gives us time to develop the technology. “

Vulcan Energy wants to extract the most important raw material from lithium batteries for electric cars in Germany without emitting greenhouse gases. The company wants to exploit the geothermal fields of the Upper Rhine rift between Basel and Frankfurt.

Geothermal power plants pump hot brine thousands of feet deep to the surface. There, the liquid gives off heat, which is used to generate electricity. Finally, the water is reinjected underground.

The company has reported a series of lithium supply contracts with manufacturers including Renault, Umicore, LG Energy Solutions, Stellantis and Volkswagen with an ambitious first delivery schedule in 2025.

Source: Handelsblatt

Source link