ASX Renewable Energy Stocks: Vulcan signs 20-year deal to supply renewable, zero carbon heat
Vulcan Energy Resources (ASX:VUL) has executed a binding purchase agreement with MVV Energie for 240 gigawatt hours per year of renewable heat in a 20-year long term contract beginning in 2025.
The agreement includes the supply of a minimum of 240,000MWh per year to a maximum of 350,000MWh per year to households in Mannheim, outside of Frankfurt, Germany.
MVV, the largest municipal energy supplier in Germany, generates an annual revenue of €4.1 billion, employs more than 6,500 people and is a valuable community asset, with the City of Mannheim owning 50.10% of the company.
VUL says the heat will be supplied from Vulcan’s planned geothermal wells in the area surrounding the City of Mannheim and will be transferred via heating grids and a series of underground pipes that deliver hot water or steam to buildings in the local community.
The agreement is in line with MVV’s strategy to become climate neutral by 2040 and then one of the first energy companies in Germany to be climate positive.
Vulcan managing director Francis Wedin said the agreement represents a real and immediate step taken by a German energy utility to achieve energy security whilst not compromising on climate goals.
“We believe that geothermal renewable energy on a mass scale, combined with lithium extraction from the same deep geothermal source, can and will play an important part in achieving Europe and Germany’s energy security and independence,” he said.
“Our binding off-take agreement for regional geothermal energy positions MVV to deliver secure, sustainable, economical and environmentally friendly heating for its industrial, commercial and private household customers.”
The company intends to build several distributed geothermal renewable energy plants across the Upper Rhine Valley region and is in discussions with other regional communities regarding additional heat off-take agreements.
Blackstone Minerals (ASX:BSX) has ticked off its inaugural Digbee ESG assessment to support the development of the Ta Khoa Nickel Project (TKNP) and Ta Khoa Refinery in Northern Vietnam.
On a scale of AAA being the highest and D being the lowest, BSX scored BB for three areas of its business – corporate, the Ta Khoa Project and its Gold Bridge Project in Canada.
BSX says the assessment will assist investors and other stakeholders to understand Blackstone’s ESG strengths and opportunities for improvement for the company as it continues on its journey to becoming a ‘green nickel’ producer.
“The Ta Khoa Project BB score reflects the actions already taken to ingrain ESG into our business DNA,” BSX managing director Scott Williamson said.
“The work performed by Blackstone to date as part of the Digbee ESG assessment elevates the attractiveness, types and sources of funding that may be available for the Ta Khoa Project.”
Evolution Energy Minerals (ASX:EV1) has carried out the first round of stakeholder engagement with local communities in connection with preparation of an updated Relocation Action Plan at the Chilalo Graphite Project in Tanzania.
EV1 completed a RAP in 2019 and is in the process of updating it ahead of the expected final investment decision by the second half of 2022.
The RAP is a process used worldwide, including in Africa, to assess land and property values, and to support relocation of affected people and properties.
Evolution has engaged a multi-disciplinary team including surveyors, valuers, sociologists and data entry officers, led by a specialist Tanzanian consultancy, supported by South African and Australian experts.
To support this engagement, EV1 has opened an office at the Nangurugai village, which is around 1km from the area of the Chilalo mining licence.