The Vulcan Energy Resources Ltd (ASX: VUL) share price is falling despite the company appointing a lithium expert to lead its team in Germany. Shares in Vulcan Energy are swapping hands for $7.55 at the time of writing – 2.45% less than Friday's closing price.
Vulcan Energy announced today it has appointed Dr Stephen Harrison – a lithium process expert – to the role of chief technical officer (CTO).
Vulcan Energy is aiming to be the world's first zero-carbon lithium producer. It hopes to produce lithium for Europe's fast-growing electric vehicle market.
Let's take a look at today's news from Vulcan Energy.
New CTO appointment
Vulcan Energy's new CTO, Dr Harrison, has a background in electrochemistry and lithium extraction.
His experience fits well with Vulcan Energy's aim to extract lithium from its German lithium brine resource in the Rhine Valley, the largest lithium resource in Europe.
Dr Harrison began working in the lithium industry in 1998. He holds a PhD in chemical engineering from the University of Newcastle-upon-Tyne and a Master of Science from the University of Southampton.
Dr Harrison's most recent role was as CEO of Rakehill Technology, where he consulted to the lithium industry.
Prior to that, he was Simbol Materials' CTO. There, he developed a process to extract lithium from geothermal brine. Dr Harrison's process is still the cheapest production method of lithium hydroxide available.
Commentary from management
Vulcan Energy's managing director Dr. Francis Wedin commented on the company's new appointment:
With Stephen joining us as CTO, we welcome one of the world's leading experts in lithium extraction from geothermal brines, and a wealth of experience in the lithium industry, to lead our lithium team in Germany. We extend a warm welcome to Stephen and look forward to building our Zero Carbon Lithium Project together, at this critical juncture for truly sustainable battery raw materials supply into Europe.
Vulcan Energy share price snapshot
2021 has been a great year so far for the Vulcan Energy share price on the ASX.
Currently, the Vulcan Energy share price is up by 173% year to date. It's also gained more than 2,000% since this time last year.
The lithium producer has a market capitalisation of around $814 million, with approximately 107 million shares outstanding.
