European Investment Bank supports climate-neutral lithium project with 500 million euros.

In a step considered a milestone for advancing green energy initiatives in Europe, the European Investment Bank (EIB) has declared its intent to invest up to 500 million euros in Vulcan's ZERO CARBON LITHIUM project. This commitment of capital is the result of thorough preliminary examination and could propel the project into a crucial phase of development. The EIB's statement of intent reflects the growing ambition to support sustainable and resilient supply chains in line with the EU's environmental goals. With a target of reducing greenhouse gas emissions by 55% by 2030, the EU aims to green transform its economic structure. Vulcan is already deeply involved in discussions with leading export credit agencies and commercial banks, and has also been favorably assessed by Export Finance Australia, which has expressed its support with a commitment of approximately 120 million euros. Canada, Italy, and France also signal strong support for the project, which is set to meet the European demand for electric vehicle batteries and radically transform the lithium supply chain. With a focus on decarbonizing lithium production, Vulcan seeks to serve Europe's automakers and battery manufacturers, including its second-largest shareholder Stellantis. The facilities that are part of this initiative could make a significant contribution to mitigating climate change and align with the EU climate taxonomy. Positive signals from Cris Moreno, the CEO of Vulcan, demonstrate confidence in EIB support and the high potential of the ZERO CARBON LITHIUM project to achieve a noticeable reduction in CO2 emissions in the electric vehicle supply chain. These ambitions form the core of Vulcan’s strategy, with its Zero Carbon Lithium project launched in 2018. It aims to reduce Europe's reliance on fossil fuels and pursue a net-zero emissions strategy. Scientific expertise and commercial know-how form the foundation for developing Europe's largest geothermal and lithium resource. With this financial tailwind, Vulcan seems well-positioned to establish itself as a strategic supplier for the growing market of climate-neutral electric vehicles in Europe and thereby actively contribute to a more sustainable future.