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.
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