A €50 million equity purchase in Vulcan Energy Resources, making Stellantis its second largest shareholder, will help the Australian mining company expand operations in Germany. The money will be spent on expanding Vulcan’s Upper Rhine Valley Brine Field project, which produces geothermal energy and lithium brine. Moving forward, Vulcan will produce lithium hydroxide without using fossil fuels.
Stellantis purchased its stock at AU$6.622 per share, likely a negotiated price given that shares were above $10 earlier this year but had fallen to $5 just before the announcement. $6.62 would be a good price for Stellantis, given that shares had been above that rate for a full year.