The Vulcan Energy Resources Ltd (ASX: VUL) share price is in the green as investors digest the progress of its zero-carbon lithium project.
Vulcan shares closed on Friday trading for $7.08 and are currently trading for $7.14, up 0.85%.
Here's what's driving investor interest in the ASX lithium stock.
What did the ASX lithium stock announce?
The Vulcan share price is in the green after the company updated the market on progress at its Zero Carbon Lithium Project in the Upper Rhine Valley brine field, located in Germany.
Vulcan reported it has started 3D seismic survey works on the ground at one of its planned Phase 2 lithium and geothermal energy development areas in the Mannheim district. The company signed a renewable heat offtake agreement with MVV Energie, the utility for the city of Mannheim, in April 2022.
The ASX lithium stock also reported that its lithium pilot plant has produced all the data needed for its definitive feasibility study (DFS). The pilot plant recently confirmed the production of the highest grade, lowest impurity lithium hydroxide to date.
Commenting on the update sending the Vulcan share price higher today, CEO Francis Wedin said:
The Vulcan team is working hard towards developing renewable heating production on a mass scale for Central Europe, combined with sustainable, domestic lithium production for the auto industry, from our Zero Carbon Lithium Project in the Upper Rhine Valley, the largest lithium resource in Europe.
Wedin added:
It is encouraging to see timely approvals for, and execution of, our works on the ground, as we systematically execute very large 3D seismic surveys across the region. These surveys allow us to visualise the sub-surface, to employ industry best-practice modelling and planning for our well developments, which are targeting dual geothermal energy and lithium production.
Vulcan share price snapshot
The Vulcan share price is down 34% in 2022. That compares to a year-to-date loss of 6% posted by the All Ordinaries Index (ASX: XAO).
Longer term, Vulcan shares are up 216% over two years.
