SYDNEY: Vulcan Energy Resources signed a binding agreement to acquire 100% of geothermal surface consultancy company Global Engineering and Consulting Gmbh
(gec-co), a news release said.
Vulcan’s 100%-owned subsidiary, Vulcan Energie Ressourcen GmbH (VER), will acquire 100% of the shares in gec-co from Mr. Thorsten Weimann. Mr. Weimann was recently appointed as Vulcan’s Chief Operating Officer in February 2021.
Vulcan has agreed to pay the following consideration for the Acquisition:
• 325,000 fully paid ordinary shares in Vulcan to be issued on completion of the Acquisition, 216,667 (2/3) of which will be subject to 12 months’ voluntary escrow from the date of issue; and
• an earnout up to €1,190,000 linked to project development milestones for the Vulcan Zero Carbon Lithium Project, linked to permitting of the Project following completion of the
Acquisition.
Should the milestones not be met within three years from completion of the Acquisition, VER may elect to extend the milestone dates or grant Mr. Weimann a right to buy back 100% of the shares in gec-co.
Managing Director, Dr. Francis Wedin, commented: “By acquiring to grow our team, we are accelerating the development of our globally unique project.
Our geothermal development team is well complemented with the acquisition of surface engineering consultancy gec-co, following the recent acquisition of sub-surface development consultancy GeoT.
The gec-co team is immensely experienced, with a successful track record in geothermal project and plant development both in Germany and internationally, and also brings in public relations, administrative and logistical support to the rapidly growing Zero Carbon Lithium project.
With our expert in-house lithium chemistry and chemical engineering team, as well as our quality international partners, the Vulcan group is now very well positioned to execute on our strategy: to decarbonise heat and power in Europe with geothermal development in the Upper Rhine Valley, and in doing so to co-produce a world-first lithium hydroxide with net zero carbon footprint for the European electric vehicle market.”
gec-co is a world-leading engineering company for deep geothermal projects, based in Germany. It focuses on projects at surface: power plant, heat stations, drill pads, and permitting. The company has more than 20 years’ experience in geothermal and its 25 employees have more than 300 years combined engineering knowledge. gec-co is involved in geothermal projects in high and low enthalpy brines worldwide.