Stellantis Joins Hand With Vulcan To Develop Geothermal Renewable Energy In France

Stellantis NV STLA and Vulcan Energy Resources Limited have signed a binding term sheet to develop new geothermal projects to supply to Mulhouse industrial site in France.
Stellantis' Mulhouse is home to the DS 7, Peugeot 308 and e-308, 508, and the new 408.
The project is estimated to provide a significant portion of the industrial site's annual energy needs starting in 2026.
The agreement represents first joint project in France for the potential use of geothermal energy to decarbonize and localize the energy supply for Stellantis' European operations.
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Vulcan is developing integrated lithium chemicals and geothermal renewable energy production, from its Zero Carbon Lithium Project in the Upper Rhine Valley in Germany and France with its sorption-type direct lithium extraction (DLE) optimization plant under construction in Germany following two years of successful pilot plant operations.
The first phase of the project will include a pre-feasibility study (PFS) for the construction of geothermal renewable energy assets for Stellantis' facility and assessment of potential for lithium production.
Subject to a successful PFS, Stellantis and Vulcan aim to develop the project jointly on a 50:50 basis.
Price Action: STLA shares are trading lower by 3.46% at $15.19 on the last check Wednesday.