LANDAU: Vulcan Energy announced Monday the completion of its acquisition of geox GmbH, including geothermal wells, renewable energy assets and a lithium licence in Landau, Germany. The move consolidates the company’s Phase One upstream assets for its Lionheart Project.
The €14.33 million deal, finalized with an initial payment of €3.3 million, replaces a prior joint venture with Geox. The assets will support Vulcan’s lithium extraction and renewable energy production, including supplying baseload heating to Landau starting next week. A €100 million German federal grant will fund the renewable heating component.
CEO Cris Moreno called the acquisition a “final step” in streamlining operations ahead of Phase One financing. The Landau licence area is expected to contribute 20% of Phase One brine production for lithium and geothermal energy. Vulcan plans to dismantle Geox’s existing power plant and expand brine production under its Geothermal and Lithium Extraction Plant (G-LEP).
The project aligns with Vulcan’s goal to produce carbon-neutral lithium for European electric vehicle batteries. The company’s Upper Rhine Valley resource is Europe’s largest lithium deposit.