Vulcan Energy Inks Deal With Stellantis For Geothermal Project
Vulcan Energy and Stellantis have teamed up to work on a geothermal project. The project is intended to reduce carbon emissions at Stellantis' Mulhouse industrial site in France. This is the first phase of the project.
Stellantis and ENGIE have teamed up for a geothermal renewable energy project in France. It's the first of its kind for Stellantis in France. They hope it can help decarbonise and localise energy supply in their European operations.
Stellantis wants to have no carbon emissions by 2038. They also want to reduce emissions by 50% in the next ten years.
Vulcan will do a pre-feasibility study for the first phase of the project. The project is in the Upper Rhine Valley. The focus area is for lithium. The site is Mulhouse. The study is for geothermal renewable energy. The study will also check for potential lithium production.
We will now concentrate on tougher research and progress.
Stellantis will give 50% of the money for the project's progress. They will also look for help from the public with funding.
Vulcan and Stellantis plan to work together. They want to create a project. They will do it as a joint venture. The project will be equal parts Vulcan and Stellantis. But, this is only if the PFS is positive.
Stellantis makes cars in Mulhouse. This includes Citroën and Peugeot cars.
The upcoming renewable energy project may fulfill most of the yearly energy requirements by 2026.
Dr. Francis Wedin, the managing director of Vulcan, said that the agreement supports the company's goal of reducing carbon emissions.
They said Stellantis is their top buyer of lithium and a big investor. They want to help Stellantis reduce its carbon emissions in Europe.
We are concentrating on our project in the Upper Rhine Valley. It's all about commercial lithium and renewable energy. This new project is an addition to our plans. It will help us expand into the French part of the valley. We are excited about this opportunity.
Vulcan said it wanted to grow its geothermal renewable energy and Zero Carbon Lithium businesses. It planned to do this in France, focusing on the north-eastern area of Alsace. This region is important because it makes up a third of the Upper Rhine Graben.
Vulcan wants a special license for lithium and geothermal. They want 480 km² in Mulhouse. This is by the Upper Rhine Graben Valley. It has brine fields. Vulcan wants to develop this area.
Vulcan is working on the Zero Carbon Lithium project. It goes with the French Mineral Resources Observatory. The observatory studies the country's resources. It suggests where the government should invest. They get money from the French Critical Raw Materials Fund. The fund has $3.29 billion.
