The Vulcan Energy Resources Ltd (ASX: VUL) share price is pushing ahead during early morning trade. This comes after the lithium developer provided the ASX with a positive update.
At the time of writing, Vulcan shares are trading at $13.16 apiece, up 3.38%.
What did Vulcan announce?
In today's statement, Vulcan advised it has signed a partnership agreement with Nico Rosberg and the Rosberg X Racing (RXR) electric racing team.
A German national who won the Formula One World Championship in 2016, Nico Rosberg is a prominent sustainability entrepreneur. He founded the Greentech Festival – a conference focused on green technologies and sustainability – as well as the RXR Extreme-E team.
The RXR Extreme-E is a five-race, global voyage spanning over four continents. The competition highlights the impact of climate change while promoting the adoption of electric vehicles.
RXR is currently the race leader in the off-road racing series, which sees electric SUVs compete in extremely remote environments.
Under the partnership agreement, Vulcan will become the official partner of the RXR. Mr Rosberg will become a shareholder in Vulcan, in return for advertising and promotional rights for the 2021 and 2022 racing seasons.
Vulcan managing director Dr Francis Wedin welcomed the collaboration, saying:
The Extreme-E championship has already achieved worldwide recognition as the future of motorsport – exciting, environmentally-focused and equitable – and the RXR team are leading the way, powered by lithium-ion batteries.
As the leader in sustainable battery metals, this is an excellent fit to raise global awareness for Vulcan's Zero Carbon Lithium business. Environmentalism is in the DNA of both teams, and we also share German-Australian origins. We welcome leading sustainability entrepreneur Nico Rosberg, and the RXR team as partners and shareholders of Vulcan, and we look forward to a productive relationship together.
About the Vulcan share price
Over the last 12 months, Vulcan shares have accelerated by more than 2,100%, reflecting strong investor sentiment. In 2021 alone, the company's share price is pushing above 360%.
On today's price, Vulcan has a market capitalisation of roughly $1.39 billion, with approximately 108 million shares on its registry.
