Ashurst advised green lithium producer Vulcan Energy Resources Limited (Vulcan Energy) in connection with its dual listing on the Regulated Market of the Frankfurt Stock Exchange (FSE) in the Prime Standard segment. The admission to listing was granted on 14 February 2022, with Vulcan Energy’s ordinary shares to trade on the FSE under the ticker ‘VUL’ from 15 February 2022. This makes Vulcan Energy the first ASX-listed company to have a dual listing on the Regulated Market of the FSE.
The dual listing of the entire share capital of the company on the FSE occurs without an accompanying public offer or private placement of shares. The expected market capitalisation of Vulcan Energy amounts to approximately AUD 1.25bn (approx. EUR 800m) as of the admission date. Joh. Berenberg, Gossler & Co. KG is acting as listing agent.
Vulcan Energy is aiming to become the world’s first integrated lithium chemicals and renewable energy producer with a net zero carbon footprint. Its ZERO CARBON LITHIUM™ Project intends to produce a battery-quality lithium hydroxide chemical product from its combined geothermal energy and lithium resource, which is estimated to be Europe’s largest lithium resource, located in Germany.
The cross-border Ashurst team advising on this ground-breaking transaction consisted of (i) in Germany: partner Matthias von Oppen (global lead), counsel Dr Valentin Pfisterer, associate Jeffrey Miller and transaction counsel Melissa Bach (all Corporate Transactions, Frankfurt); (ii) in Australia: partner Roger Davies, counsel Ben Stewart and associate Toby Newnes (all Corporate, Perth) and (iii) in London: US securities partner Jeffrey Johnson.
Ashurst has already advised Vulcan Energy on the acquisition of the Insheim geothermal power plant and its approx. AUD 200 million equity raising last year and provides ongoing advice, inter alia, on lithium supply agreements entered into by Vulcan Energy with car manufacturers such as Volkswagen, Renault and Stellantis.
