Vulcan Energy secures $2.6 billion in financing for Germany Lithium project

Vulcan, a company listed in Australia, announced on Wednesday it had received a funding package worth 2.2 billion euro ($2.56 billion), which will be used to fund the entire first phase of Lionheart's lithium and renewable energy projects in Germany.

The funding package, supported by stakeholders such as European and German Government agencies and commercial bankers, has allowed the Vulcan Board to make a final decision on the investment. Execution will begin in the next few days, according to the company.

As part of its financing package, Vulcan plans to raise up 603 million euro in equity at the fixed price of 2,24 euros per share.

The equity raising includes a placement of 137 million euro, a fully underwritten 261 million-euro 1 for 1.118 accelerated non-renouncable offer and a retail 1 for 1.118 offer worth 130 million euros.

Berlin wants to increase electric vehicle production and reduce dependence on raw materials imports.

(source: Reuters)