The Australian-German lithium startup Vulcan Energy Resources has acquired a geothermal power plant in Germany for €31.5Mn ($35.7Mn). Vulcan wants to upgrade the 4.8 MW Insheim plant previously owned by local utility Pfalzwerke to set up a new test facility for low-carbon lithium production.
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Vulcan Energy has reached a binding lithium purchase agreement with Renault. However, there is a catch: the delivery volume is less than was stated when the supply agreement was announced in August.
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Vulcan Energy announces another prominent customer for the supply of lithium extracted from thermal water in the Upper Rhine Graben. Renault is the second carmaker after the Stellantis Group banking on battery metal coming through the German-Australian company.
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