Vulcan Energy Resources (VUL) announced last week it signed an agreement to acquire 100% of the German geothermal consultancy GeoThermal Engineering (GeoT). However, before the deal can become effective, Vulcan must revise to guarantee it complies with its exclusive satisfaction requirements.
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Vulcan Energy Resources on its GeoThermal acquisition
Earlier last week, Vulcan Energy Resources announced it signed an agreement to acquire 100% of the German geothermal consultancy GeoThermal Engineering (GeoT). In fact, Vulcan Energy is currently listed on the Australian stock exchange.
However, Vulcan must do the due revision to guarantee the deal to comply with its exclusive satisfaction requirements.
Indeed, GeoT has a leading global scientific team headquartered in Germany. Moreover, the company has more than one century of experience, combined with the underground development of geothermal projects, from exploration to oil rig drilling for production.
Furthermore, GeoT has worked closely with Vulcan Energy from the beginning of the Zero Carbon Lithium Project. Therefore, this partnership makes the company an ideal acquisition for Vulcan, which plans to accelerate Germany’s project, quickly advancing its development team.
In this regard, the company signed a binding agreement with the only shareholder of GeoT, Dr. Horst Kreuter. In fact, he is also Vulcan’s Executive Director.
Since Dr. Kreuter was so involved with both companies, he was excluded from the negotiation process. Furthermore, the parties agreed on the transaction under full and free-competition conditions. Therefore, Vulcan will acquire GeoThermal Engineering.
Partnership with DuPont Water Solutions
Last week, Vulcan Energy also announced it partnered with DuPont Water Solutions to test direct lithium extraction solutions for its Zero Carbon Lithium project.
In fact, Vulcan aims to become the world’s first zero-carbon lithium producer by producing battery-quality lithium hydroxide and renewable geothermal energy. Therefore, this plan would be possible through its geothermal and lithium resource plant in Germany.
Besides, under the agreement, DuPont will utilize its products to help Vulcan carry out test work on its extraction process. Furthermore, it will develop and test an integrated approach for Vulcan’s brine.
DuPont specializes in sustainable water purification and separation technologies. Indeed, its multi-technology portfolio includes lithium selective sorbent, nanofiltration, reverse osmosis, ion exchange resins, ultrafiltration, and close circuit reverse osmosis.
“We are proud to bring our expertise in water filtration and purification to Vulcan Energy’s Zero Carbon Lithium project. Thus, we aim to minimize the carbon and water footprint of lithium extraction and production; to more sustainably power mobility for years to come,” DuPont Global Vice President and General Manager HP Nanda said.
Moreover, Vulcan’s Managing Director, Dr. Francis Weden, believes DuPont’s various products will be suitable to extract lithium from brine sustainably.
“We look forward to a successful long-term relationship with DuPont, to implement our strategy of becoming a major supplier of our unique Zero Carbon Lithium hydroxide to the European electric vehicle battery market,” he said.