Vulcan Energy Shares Rise on Successful Geothermal Survey with BASF
Vulcan Energy's shares have risen 4.3% to €3.60 in late Monday morning trading, following news that the company and BASF have confirmed geothermal potential in the Vorderpfalz region through seismic data. The project aims to generate CO2-free steam for BASF's production and secure lithium for Europe's battery supply chain in a climate-neutral manner.
The companies have successfully completed a 2D seismic survey, which revealed promising geothermal structures and lithium resources. Building on this, Vulcan Energy will now use the data for the next phase: a 3D seismic survey. This survey, initially planned for the upcoming winter, has been delayed due to state funding delays and company optimization measures. The start date remains unclear.
BASF manager Tilmann Hezel, responsible for infrastructure in Ludwigshafen, sees geothermal energy and heat pumps as key contributors to emission-free steam generation. Despite the delay, Vulcan Energy still expects the overall project with BASF to be implemented at the beginning of the 2030s.
Vulcan Energy's stock has gained 60% over the past month, reflecting investor confidence in the company's geothermal and lithium projects. The successful 2D seismic survey and the upcoming 3D survey indicate progress towards a climate-neutral future for BASF's production and Europe's battery supply chain.
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