Aspiring lithium producer Vulcan Energy Resources has completed a $53 million capital raising, with half the money coming from a European clean energy fund.
Aspiring lithium producer Vulcan Energy Resources has completed a $53 million capital raising, with half the money coming from a European clean energy fund.
It follows two capital raisings last year that brought in $129 million.
The Perth-based company said the BNP Paribas Clean Energy Solutions Fund contributed €15 million ($A26.8 million) to the latest placement.
A “select group of strategic corporate and institutional investors” contributed the balance, including existing shareholders.
These include Gina Rinehart’s Hancock Prospecting, engineering contractor CIMIC Group and auto giant Stellantis.
The placement was priced at $3.40 per share, a 7.3 per cent discount to the 15-day volume weighted average price.
Canaccord Genuity Australia was sole lead manager.
Vulcan said the proceeds would support the planned development of its Phase One Lionheart project, located in the Upper Rhine valley bordering Germany and France.
This will include the next stage of drilling and enabling fast EPCm contractor commencement in October 2025 by extending the contracts for the Lithium Extraction Plant and Central Lithium Plant.
The project plans to use geothermal energy to produce lithium from sub-surface brines and to power conversion to battery grade material.
Managing Director Cris Moreno said the company was delighted to receive this support from investors.
“We remain focused and committed to delivering on our objectives for the remainder of 2025, including continuing our drilling of the first new production wells in Phase One, completion of Phase One financing, starting construction of our lithium plants, and commencing product qualification of V-Li0NTM lithium product with offtake partners,” he said.
