Stellantis N.V. and Vulcan Energy Resources Limited have signed a bing term sheet for the first phase of a multiphase project to develop new geothermal projects aimed at decarbonizing the energy mix of Stellantis' Mulhouse industrial site in France, which is home to the DS 7, Peugeot 308 and e-308, 508, and the new 408. Based upon current assumptions, the project could provide a significant portion of the industrial site's annual energy needs starting in 2026. The first phase of the project, located at the southernmost extent of Vulcan's focus area in the Upper Rhine Valley, will include a pre-feasibility study (PFS) for the construction of geothermal renewable energy assets for Stellantis' facility, carried out by Vulcan which will also assess potential for lithium production.

If successful, the next phase will focus on 3D seismic exploration and more advanced studies and development. Subject to a successful PFS, Stellantis and Vulcan aim to develop the project jointly on a 50:50 basis. In November 2022, Vulcan announced that it had started a number of initiatives to expand its geothermal renewable energy and Zero Carbon Lithium(TM) business into France and specifically Alsace, which accounts for roughly one third of the Upper Rhine Graben.