Clifford Chance Advised Siemens Financial Services, HOCHTIEF and Demeter on their Joint Investment in Vulcan Energy's lighthouse Project, Lionheart, to Strengthen Europe's Battery Value Chain

Clifford Chance Advised Siemens Financial Services, HOCHTIEF and Demeter on their Joint Investment in Vulcan Energy's lighthouse Project, Lionheart, to Strengthen Europe's Battery Value Chain

Global law firm Clifford Chance has advised a consortium consisting of Siemens Financial Services, HOCHTIEF and Demeter on their joint investment in Phase One of Vulcan Energy's project, Lionheart. Phase One of Project Lionheart aims to establish Europe’s first integrated supply of sustainable lithium and renewable energy and heat for local communities in Germany's Upper Rhine Valley.

Building a sustainable lithium supply, resource security for electromobility, and a new benchmark in sustainable project development, Lionheart is set to deliver 24,000 tonnes of battery-quality lithium to power 500,000 electric vehicles per year - major progress for raw materials independence for Europe. In addition, it will also co-produce 275 GWh of power and 560 GWh of heat per year.

Vulcan Energy is building the world’s first carbon neutral, integrated lithium and renewable energy business to decarbonise battery production. Harnessing natural heat to produce lithium from sub-surface brines and to power conversion to battery-quality material and using its in-house industry-leading technology, Vulcan Energy is building a local, low-cost source of sustainable lithium for European electric vehicle batteries.

The Clifford Chance team advised on M&A and financing matters of this transaction was led by Dominik Heß (Partner/Corporate/M&A) and Florian Mahler (Partner / Global Financial Markets / both Düsseldorf) and further comprised Yannick Niedergethmann (Senior Associate) and Lennart Göbel (Senior Associate) as well as Yannik Trauschold (Associate / All Corporate / M&A / Düsseldorf), Nicolas Cookson (Partner) and Birte Hüller (Senior Associate / Both Global Financial Markets / Düsseldorf), Dimitri Slobodenjuk (Partner), Caroline Scholke (Counsel) and Lisa Rotterdam (Associate / All Antitrust / Düsseldorf) as well as Olaf Mertgen (Partner) and Christian Klein (Senior Associate / Both Tax / Frankfurt).

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