The Vulcan Energy Resources Ltd (ASX: VUL) share price is pushing higher again on Wednesday.
In morning trade the clean-lithium company's shares were up as much as 6.5% to $9.00.
At the time of writing, the Vulcan share price has eased back a touch but is still up 2.5% to $8.66.
Why is the Vulcan share price pushing higher?
Investors have been buying Vulcan shares today after it announced a bolt-on acquisition.
According to the release, the company has signed a binding agreement to acquire 100% of geothermal subsurface consultancy company GeoThermal Engineering.
The release explains that GeoThermal Engineering has a highly credentialed, world-leading scientific team with over a century of combined expertise in sub-surface development of geothermal projects. This includes from exploration to production drilling.
Management explained that the acquisition is part of its plans to accelerate its Zero Carbon Lithium project in Germany.
This project will use the company's Zero Carbon Lithium process to produce both renewable geothermal energy, and lithium hydroxide, from Europe's largest lithium resource.
What will it cost?
The acquisition will cost Vulcan a single euro. The company notes that the sole shareholder of GeoThermal Engineering is Dr. Horst Kreuter, who is the Executive Director of Vulcan.
Geothermal Engineering owes a debt of approximately 140,000 euros to Dr Kreuter plus a nominal amount of interest. It also has further debt of 135,000 euros owed to external parties.
Completion of the acquisition is subject to the completion of due diligence to Vulcan's sole discretion and satisfaction.
Vulcan's Managing Director, Dr. Francis Wedin, commented: "By acquiring GeoT, we are welcoming decades of experience of German deep geothermal sub-surface project development into the Vulcan team."
"GeoT has exceptional expertise in the geology and geochemistry of the Upper Rhine Valley geothermal brine. Our motivations are fully aligned: to decarbonise heat and power in Europe with geothermal development in the Upper Rhine Valley, and in doing so to co-produce Zero Carbon Lithium for the European electric vehicle market. We expect our larger, bolstered development team to accelerate the development of our globally unique project," he concluded.
Following today's gain, the Vulcan share price is now up 212% since the start of 2021.
