HOCHTIEF Expands Partnership With Vulcan Energy
(RTTNews) - HOCHTIEF Aktiengesellschaft (HOT.DE, HOCFF), a provider of infrastructure technology and construction services, on Wednesday announced that it has expanded its strategic partnership with Vulcan Energy Resources Ltd. (VULNF, VUL.AX), securing an end-to-end role in developing its lithium production and processing infrastructure.
Sedgman and HOCHTIEF Infrastructure have been appointed Engineering, Procurement and Construction Management contractors for Vulcan's Lionheart Project, which includes a 397 million euros Lithium Extraction Plant and a 337 million euros Central Lithium Plant.
HOCHTIEF has also agreed to invest 169 million euros in Vulcan, comprising 39 million euros for the Lionheart Project and a subscription of up to 130 million euros in Vulcan shares, becoming a cornerstone investor.
The group has additionally been named preferred supplier for civil construction works.
The company highlighted the project's role in supporting Europe's clean-energy plans, with lithium output expected to supply batteries for roughly 500,000 electric vehicles annually.
On Tuesday, HOCHTIEF closed trading 5.30% higher at EUR 309.80 on the XETRA.
On Tuesday, Vulcan Energy closed trading at AUD 6.13 on the Australian Securities Exchange.
