Key points
- Vulcan Energy share price up 2.03% to $10.06
- On track to be listed on the German stock exchange in February 2022
- Increased exposure to International investors
The Vulcan Energy Resources Ltd (ASX: VUL) share price is in positive territory today. This follows the company's latest update on its quest to be listed on the Frankfurt Stock Exchange (FSE).
At the time of writing, the clean lithium developer's shares are fetching $10.06 apiece, up 2.03%. Despite today's gains, its shares have fallen 17% in the past month.
Vulcan Energy progresses on dual listing application
In today's statement, Vulcan Energy provided an update on its application to have its shares listed on the FSE.
The company advised it expects to be formally admitted to the German stock exchange in the first half of February 2022.
Once admitted, Vulcan Energy will be the first ASX-listed company to be listed on the regulated market of the FSE. This not only increases the international profile of the company to European investors but also provides an investment opportunity.
Vulcan Energy noted that it's reviewing options to ensure the business and trading liquidity has the support it needs following the FSE listing. A potential capital increase could be on the cards, but no definitive decision has been made yet.
Vulcan Energy is aiming to become the world's first lithium and energy renewables producer with net-zero greenhouse gas emissions. Its Zero Carbon Lithium Project is seeking to produce a lithium-hydroxide chemical product for the European electric vehicle battery market.
Speaking on the news possibly fuelling the Vulcan Energy share price, managing director Dr Francis Wedin commented:
Vulcan is developing the Zero Carbon Lithium Project in Germany, the heart of the fastest growing lithium battery market in the world and also aims to play a crucial role in decarbonising the region's power and heating requirements through the provision of baseload geothermal energy.
With our projects and more than 90% of our team based in Germany, the dual listing on the FSE is an important step in expanding our European investor base and international exposure, while also fostering public and community acceptance of our Zero Carbon Lithium Project in the Upper Rhine Valley.
Vulcan Energy share price snapshot
Over the last 12 months, the Vulcan Energy share price has gained 4.3%. The company's shares reached an all-time high of $16.65 in September, before moving on a downward channel.
Based on today's price, Vulcan commands a market capitalisation of around $1.29 billion with approximately 131.61 million shares on issue.
