FRANKFURT -- Lithium developer Vulcan Energy Resources, which has supply deals with Volkswagen Group, Stellantis and Renault, has received five new exploration licenses for geothermal energy and lithium in Germany.
The licenses in the Upper Rhine Valley cover 325 square kilometers and increase Vulcan's granted license area to more than 1,000 square kilometers.
The German-Australian company aims to start commercial production of lithium by 2024 and is banking on a surge in demand for the raw material that is used in batteries for electric vehicles.
"Our core mission is to build shareholder value and have a materially decarbonizing effect on the lithium supply chain for battery electric vehicles, and in energy production in Europe," said Horst Kreuter, managing director of Vulcan Energie Ressourcen Germany.
Geothermal lithium from the Upper Rhine Valley along the French-German border has also attracted interest from other companies.
