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Vulcan Energy, Stellantis to develop renewable energy assets in Germany

(Reuters) - Automaker Stellantis is set to invest in a geothermal energy project in Germany with lithium developer Vulcan Energy Resources to help power a manufacturing facility...
Vulcan Energy, Stellantis to develop renewable energy assets in Germany © Reuters. FILE PHOTO: The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes

(Reuters) - Automaker Stellantis is set to invest in a geothermal energy project in Germany with lithium developer Vulcan Energy Resources to help power a manufacturing facility for electric vehicles, Vulcan said on Tuesday.

The phased project is aimed at providing renewable heat to Stellantis' Rüsselsheim manufacturing facility, which produces the DS 4 and Opel Astra models, Australia-based Vulcan said in a statement.

Vulcan will initially carry out a pre-feasibility study for the development of geothermal renewable energy projects in Rüsselsheim.

The parties will seek public funding opportunities together to advance the project, Vulcan said.

Stellantis, which holds an 8% stake in Vulcan, will aim to source funding for 50% of the project development after the first phase of the project.

Stellantis wants battery electric vehicles to make up 100% of its European passenger car sales by 2030. It recently signed a deal with Australian miner Element 25 for the supply of manganese sulphite for batteries for its electric vehicles.

Vulcan already has a deal with Stellantis to supply lithium from its project in the Upper Rhine Valley.

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04-03-2024 01:28:26 (UTC+7)

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 EUR/USD1.0837↑ Sell
 GBP/USD1.2655Sell
 USD/JPY150.10Buy
 AUD/USD0.6525↑ Sell
 USD/CAD1.3562↑ Buy
 EUR/JPY162.73↑ Buy
 EUR/CHF0.9577↑ Buy
 Gold2,091.60↑ Sell
 Silver23.345↑ Sell
 Copper3.8585↑ Sell
 Crude Oil WTI79.81Buy
 Brent Oil83.46↑ Buy
 Natural Gas1.836↑ Buy
 US Coffee C184.13Neutral
 Euro Stoxx 504,894.05Buy
 S&P 5005,137.08↑ Buy
 DAX17,735.00↑ Sell
 FTSE 1007,682.50↑ Sell
 Hang Seng16,589.44↑ Buy
 Small Cap 20002,076.39↑ Buy
 IBEX 3510,064.70↑ Buy
 BASF47.985↑ Sell
 Bayer28.33↑ Sell
 Allianz251.80Buy
 Adidas187.00↑ Buy
 Lufthansa7.191Sell
 Siemens AG181.28Sell
 Deutsche Bank AG12.566Neutral
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SJC Eximbank7,800/ 7,950
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Cập nhật lúc 18:52:54 03/03/2024
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