Albemarle loses more than $1 billion on falling lithium prices
The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China.
Lithium developer Vulcan Energy Resources, which has supply deals with carmakers Volkswagen, Stellantis and Renault, has received five new exploration licences for geothermal energy and lithium in Germany.
The licences in the Upper Rhine Valley cover 325 square kilometres and increase Vulcan’s granted licence area to more than 1,000 square kilometres.
The German-Australian company aims to start commercial production of lithium by 2024 and is banking on a surge in demand for the raw material that is used in batteries for electric vehicles.
“Our core mission is to build shareholder value and have a materially decarbonising effect on the lithium supply chain for battery electric vehicles, and in energy production in Europe,” said Horst Kreuter, managing director of Vulcan Energie Ressourcen Germany.
Geothermal lithium from the Upper Rhine Valley along the French-German border has also attracted interest from other companies.
(By Christoph Steitz; Editing by Mark Potter)
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