Vulcan Energy has secured a $2.56bn financing package to build Europe’s largest lithium production project that is expected to generate enough material for about half a million electric vehicle batteries a year.
The lithium explorer said the funding for the first phase of its Lionheart lithium project in Germany — for which the production start date has been twice delayed — clears the way for construction to begin this week.
Lithium projects around the world have faced delays in response to a crash in the price of the battery metal that has weighed on investor confidence and the willingness of buyers such as carmakers to sign up to long-term agreements.
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