Vulcan Energy Resources (ASX:VUL) received conditional approval for the 120-million-euro commitment from Export Finance Australia as part of its debt financing process for the first phase of the Lionheart integrated lithium and renewable energy project in Germany, according to a Monday filing with the Australian bourse.
The first phase of the Lionheart project aims to produce 24,000 tonnes of lithium hydroxide monohydrate per year.
The commitment is subject to the completion of final due diligence and signing of legal documentation, including an Australian export contract, the filing said.
The company expects additional commitments from other funding parties in the coming weeks, according to the filing.
Shares rose past 6% in morning trade Monday.
Price (AUD): $6.35, Change: $+0.38, Percent Change: +6.37%
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