Vulcan pushes back large-scale production date for German lithium plant to 2027
FRANKFURT, Nov 8 (Reuters) -Start-up Vulcan Energy VUL.AX will begin large-scale industrial production of lithium hydroxide in Germany in 2027, two years later than originally planned, the company said on Friday as it started operations at a demonstration plant.
Vulcan started producing lithium chloride, an important component in producing lithium hydroxide, at its upstream extraction plant in Landau, Germany, in April.
It is currently raising funds for its first large-scale industrial plant with an aim of delivering an expected 24,000 tons of lithium hydroxide a year, equivalent to 500,000 electric vehicles, from 2027.
"The financing process has taken longer than expected," Christian Freitag, the Vulcan CEO responsible for supply chain management, told Reuters.
Vulcan's financial requirements now amount to 1.9 billion euros ($2.04 billion), including financing costs, with the required funds expected to be secured in the first quarter.
The company will raise more than 600 million euros in equity from a handful of investors, Freitag said, and the remaining 1.3 billion euros via loans from banks, including the European development bank EIB, which has promised half a billion euros.
Vulcan's production of the battery raw material will help Germany cut dependency on lithium producers China and South America. The energy it will use to extract lithium from brine in underground reserves is simultaneously generated CO2-free using geothermal power plants.
Lithium demand is forecast to surge later this decade from growth in lithium-ion batteries used in electric vehicles.
Vulcan, which is listed both in Australia and Frankfurt, has already sold its first 10 years of production through purchase deals with carmakers including Volkswagen VOWG_p.DE, Stellantis STLAM.MI and Renault RENA.PA.
The company has already once postponed the start date for large-scale production at its plant by a year to 2026, citing supply chain delays.
($1 = 0.9292 euros)
Reporting by Ilona Wissenbach, Writing by Miranda Murray, Editing by Jan Harvey
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
