Vulcan Energy Resources Ltd. has been awarded an S&P Global Dark Green rating, marking a milestone as the first metals and mining company to achieve this highest classification. The rating highlights Vulcan’s commitment to eco-friendly practices, highlighting its green financing framework, green enabling project, and renewable energy initiatives.
The Dark Green rating was issued as part of Vulcan’s financing process for its Phase One Project, developed in partnership with Natixis Corporate & Investment Banking (Natixis CIB) as the environmental, social, and governance (ESG) coordinator. The S&P Global Second Party Opinion (SPO) reviewed Vulcan’s framework against internationally recognized sustainable finance standards, including the International Capital Market Association (ICMA) Green Bond Principles, Green Enabling Projects Guidance, and the Loan Market Association (LMA) Green Loan Principles.
Vulcan’s ZERO CARBON LITHIUM Project, an integrated initiative aimed at producing both renewable energy and battery-grade lithium, seeks to lower the environmental impact of lithium production through Adsorption-type Direct Lithium Extraction (A-DLE) technology. Utilizing its proprietary sorbent, VULSORB®, Vulcan aims to produce 24,000 tonnes each year of battery-grade lithium hydroxide—enough to power roughly 500,000 electric vehicles annually. The project is expected to generate up to 275 GWh of electricity and 560 GWh of heat per year.
Vulcan’s financing process for Phase One of the ZERO CARBON LITHIUM Project has recently expanded to engage additional lenders, including a range of export credit agencies, the European Investment Bank, and key structuring banks such as ABN AMRO, ING, Natixis CIB, and UniCredit. The inclusion of the S&P Dark Green rating is expected to strengthen Vulcan’s position in the European energy transition, facilitating its financing approach.
Vulcan’s CFO, Felicity Gooding, commented, “A world-first Dark Green global rating by S&P for a resources company has reaffirmed Vulcan’s sustainability credentials, coming at an important time in Phase One Project financing.”
“In awarding Vulcan a Dark Green rating – across multiple categories – S&P Global has cemented our sustainability credentials and expectation that the Project will have a substantial positive environmental impact. Vulcan is rightfully regarded as a global leader in the green energy transition, and this development validates the integrity and transparency of our operations.”
Source: Vulcan Energy
