Vulcan Energy (ASX:VUL) Announces Financing Update and German RMF Progress
Financing Update
Vulcan Energy has progressed the financing of its Phase One Lionheart Project following its designation as a Strategic Project by the European Commission. The company aims to secure long-term strategic alignment by incorporating government participation in its Project financing.
German Raw Materials Fund Participation
In September 2024, the German Federal Government launched a €1bn Raw Materials Fund (RMF) to support projects essential for securing raw material supplies and reducing Germany’s dependence on other countries. Vulcan Energy applied for participation in October 2024, and the Interministerial Committee (IMC) has decided to proceed to detailed due diligence, considering Germany’s raw materials strategy.
Project Timeline Adjustment
As a result, Vulcan Energy has adjusted its target timeline to conclude Phase One financing in H2 2025 to accommodate the RMF’s inclusion. Meanwhile, the company continues to mobilise teams on-site, including executing new wells in the Phase One area.
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