Vulcan Energy Resources (ASX:VUL) secured 100 million euros of funding from the German Federal Ministry of Economics and Climate Protection and the European Recovery and Resilience Facility to support the development of the Heat4landau geothermal project, according to a Tuesday filing with the Australian bourse.
The project is expected to generate 255 megawatts of renewable geothermal heat to support the transition of the town of Landau to sustainable and renewable district heating starting in 2026, the filing said.
The company's shares closed up nearly 13% higher Tuesday and hit a new 52-week high during the trading session.
Price (AUD): $5.85, Change: $+0.66, Percent Change: +12.72%
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