EQS-News

Vulcan Energy Resources Limited: Vulcan and Stellantis sign agreement to support decarbonisation of Rüsselsheim auto manufacturing facility with geothermal energy

EQS-News: Vulcan Energy Resources Limited / Key word(s): Alliance Vulcan Energy Resources Limited: Vulcan and Stellantis sign agreement to support decarbonisation of Rüsselsheim auto manufacturing facility with geothermal energy 17.01.2023 / 11:56 CET/CEST The issuer is solely responsible for the content of this announcement. Vulcan Energy Resources Limited (Vulcan; ASX: VUL, FSE: VUL, the Company) has signed a Binding Term Sheet (“BTS”) with Stellantis for the first phase of a multiphase project aimed at decarbonising the energy mix of the Rüsselsheim manufacturing site in the Upper Rhine Valley, Germany, by developing new geothermal projects.

 

 Highlights

• Vulcan and Stellantis have entered into a phased project agreement (Project), aimed at developing, building, and operating geothermal renewable energy assets to help decarbonise the Company’s energy supply in Rüsselsheim, by providing renewable heat.
• Stellantis aims to be the auto industry champion in climate change mitigation, becoming carbon net zero by 2038, with a 50% reduction by 2030. This requires Stellantis, as a leading mobility tech company to decarbonise and localise its energy supply across its manufacturing facilities. 
• In the northern area of the Upper Rhine Valley in Rüsselsheim am Main, Stellantis maintains a large manufacturing facility in which the DS 4 and Opel Astra models are produced, including the electrified variants. This facility in the German state of Hesse is also the traditional home of the Opel brand and the German headquarters of Stellantis.
• The planned Project will be at the northernmost extent of Vulcan’s focus area in the Upper Rhine Valley. 
• The first phase of the Project will include a Pre-Feasibility Study for the construction of geothermal assets for Stellantis’ Rüsselsheim facility, carried out by Vulcan and based on existing data. The following phase, if the first phase is successful, will focus on drilling and more advanced studies and development. 
• Stellantis will aim to source funding for 50% of the project development after the first phase.