Vulcan Energy Resources Mobilizes Drill Rig to Germany Well Site; Shares Up 3%

MT Newswires Live

Feb 04, 2025

Vulcan Energy Resources (ASX:VUL) said an electric V20 drilling rig was mobilized to its phase one Schleidberg well site in Germany by its in-house geothermal well execution company, Vercana, according to a Tuesday Australian bourse filing.

Vercana's other electric drilling rig, V10, will be mobilized to Vulcan's new planned Trappelberg well site after its phase one financing closes.

The company's phase one Lionheart project is targeting production of around 24,000 tonnes per annum of lithium hydroxide monohydrate for electric vehicle batteries, as well as renewable heating and power production, in the Upper Rhine Valley brine field.

Vulcan Energy Resources' shares rose almost 3% in recent trading on Tuesday.

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