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The licences in the Upper Rhine Valley cover 325 square kilometres and increase Vulcan’s granted licence area to more than 1,000 square kilometres.

The German-Australian company aims to start commercial production of lithium by 2024 and is banking on a surge in demand for the raw material that is used in batteries for electric vehicles.

“Our core mission is to build shareholder value and have a materially decarbonising effect on the lithium supply chain for battery electric vehicles, and in energy production in Europe,” said Horst Kreuter, managing director of Vulcan Energie Ressourcen Germany.

Geothermal lithium from the Upper Rhine Valley along the French-German border has also attracted interest from other companies.