Vulcan Energy Advances Lionheart Geothermal Plant as Shares Slip

Vulcan Energy Resources has begun the construction phase of its 30‑megawatt Lionheart geothermal power plant in Landau, Germany. Earthworks are finished and foundation and road work are under way. The project, which also aims to produce lithium, is fully financed after the company secured a multi‑billion‑euro funding package and received the first capital drawdown, giving it €273.9 million in liquid funds as of June 30. A sixth production‑and‑re‑injection well met expected temperature and lithium‑grade targets, and a seventh well is already drilling. Siemens was awarded the contract for the plant’s technical, automation and building‑services equipment.

At the same time, Vulcan’s share price remains near a 52‑week low. The company reported that 134,225 performance rights expired on 28 July 2026 because the required performance targets were not met, meaning no conversion into ordinary shares and a reduction in potential future dilution. Earlier in the year similar expirations and new issuances were noted, and director Cristóbal Moreno’s holdings were adjusted following partial vesting and forfeiture of rights.