Vulcan Energy (ASX: VUL, FSE: VUL) said today that it is working with Enel Green Power, a major geothermal energy producer in Italy, to develop its Italian project.
Vulcan Energy is advancing a direct lithium extraction operation from brines in Germany.
Vulcan and EGP have signed a binding collaboration agreement to explore and develop Vulcan's Cesano license in Italy through a joint scoping study. Both companies also agreed to evaluate the opportunity to cooperate on other geothermal lithium projects in Italy, wrote Vulcan describing the deal.
Vulcan and EGP will assess the potential of Vulcan’s Cesano license in a step-wise approach, starting with a scoping study. EGP has already previously explored and drilled a number of wells in the Cesano area and gathered relevant data direct from local reservoirs.
“Vulcan is aiming to increase the future supply of our sustainable lithium product in response to significant customer demand, as we leverage our extensive experience in lithium extraction from heated brines to have a materially decarbonizing effect on global electric vehicle supply chains," said Vulcan’s Managing Director Dr Francis Wedin.
"By growing and diversifying our project development portfolio, we ultimately aim to develop a globally significant Zero Carbon LithiumTM business focused on Europe, for Europe."
