It certainly was a fantastic month for the Vulcan Energy Resources Ltd (ASX: VUL) share price in January.
The clean lithium-focused mineral exploration company's shares rocketed 186% higher over the month.
This latest gain means the Vulcan Energy share price is now up a remarkable 3,800% since this time last year.
Why did the Vulcan Energy share price rocket 186% higher in January?
There were a couple of catalysts helping to drive the Vulcan share price materially higher in January.
One of those was the improving outlook for lithium prices and demand thanks to President Biden's policies on renewable energy and the growing adoption of electric vehicles.
This has given the whole lithium sector a major lift in recent months.
What else drove its shares higher?
Another catalyst is company-specific and involves the release of Vulcan's Pre Feasibility Study (PFS) this month for its Zero Carbon Lithium Project.
This project is home to Europe's largest lithium resource, located in the Upper Rhine Valley of Germany.
According to the study, the Zero Carbon Lithium Project has the potential to be a cutting edge, combined renewable energy and lithium hydroxide project, in the centre of Europe, with net zero carbon footprint.
The study estimates that the project has an after tax net asset value of 2.25 billion euros. This equates to approximately A$3.5 billion and is considerably more than its current market capitalisation.
Management plans to use its unique Zero Carbon Lithium process to produce both renewable geothermal energy, and lithium hydroxide, from the same deep brine source.
In doing so, it believes it will be addressing EU market requirements for lithium by reducing the high carbon and water footprint of production, and total reliance on imports, mostly from China.
Ultimately, it believes its resource can satisfy Europe's needs for the electric vehicle transition, from a zero-carbon source, for many years to come.
Though, it will be some time before it is doing that. If everything goes to plan, management is aiming to have the project operational in 2024.