Vulcan Energy (ASX:VUL) signs an agreement with Italian energy giant

Lithium miner Vulcan Energy (ASX:VUL) will further develop its Italian projects after signing an agreement with Italy’s largest geothermal energy producer Enel Green Power (EGP).

Vulcan and EGP will assess the potential of Vulcan’s Cesano licence, which extends over an area of 11.5 km, 20 km north-northwest of Rome, starting with a scoping study.

Vulcan said that the two companies will bring together their lithium extraction and geothermal expertise to explore the development of geothermal lithium projects in the area and potentially other locations in Italy.

“Vulcan is aiming to increase the future supply of our sustainable lithium product in response to significant customer demand, as we leverage our extensive experience in lithium extraction from heated brines to have a materially decarbonizing effect on global electric vehicle supply chains,” Vulcan’s managing director Dr Francis Wedin.

“By growing and diversifying our project development portfolio, we ultimately aim to develop a globally significant Zero Carbon LithiumTM business focused on Europe, for Europe.”

Shares last traded at $5.46 yesterday.