Vulcan Energy Resources Ltd (VULNF)

[TradingCharts]

Vulcan executes agreement to supply German energy company, MVV, with renewable, zero carbon heat
First of a number of planned district heating agreements from Geothermal energy to help combat
Germany’s Energy Crisis

Highlights
• Vulcan and MVV Energie AG (MVV) have executed a binding purchase agreement for 240 gigawatt
hours per year of renewable heat.
• The 20-year, long-term agreement commences in 2025 and includes the supply of a minimum of
240,000MWh per year to a maximum of 350,000MWh per year to households in Mannheim,
outside of Frankfurt, Germany.
• MVV, the largest municipal energy supplier in Germany, generates an annual revenue of
€4.1 billion and employs more than 6,500 people. The energy provider is a valuable community
asset, with the City of Mannheim owning 50.10 % of the company1
.
• The heat will be supplied from Vulcan’s planned geothermal wells in the area surrounding the City
of Mannheim. Heat will be transferred via heating grids and a series of underground pipes that
deliver hot water or steam to buildings in the local community.
• The agreement is in line with MVV's strategy to become climate neutral by 2040 and then one of
the first energy companies in Germany to be climate positive.
• Vulcan is developing its Mannheim licence as part of a planned larger Phase 2 of the Zero Carbon
Lithium™ Project.

https://www.investi.com.au/api/announcements/vul/fccbdb90-d23.pdf