Vulcan Energy Lionheart lithium‑geothermal project

In mid‑July 2026 Vulcan Energy announced that the first equity tranche of its €2.2 billion financing package for the Lionheart lithium‑geothermal project was drawn down, meeting the conditions set at the project's financial close. The funding was presented as validation of the execution strategy and a means to keep construction on schedule, even as the company’s share price slipped to a yearly low.

A week later the firm reported that civil construction had begun on the 30 MW geothermal plant at the Landau site in Germany. Work on foundations, concrete structures and site access started across a 10‑hectare area. The update reiterated the financing amount, the planned annual output of 24,000 tonnes of lithium‑hydroxide (enough for roughly 500,000 EV batteries), and the expected generation of 275 GWh of renewable power and 560 GWh of heat. It also noted a fiscal‑year loss of €69.6 million and continued share‑price weakness, underscoring market concerns about execution risk.

On 26 July the company confirmed that earthworks were completed and foundation and road work were underway, and that a sixth production‑and‑re‑injection well met temperature and lithium‑grade targets, with a seventh well already being drilled. Siemens was awarded the contract for the plant’s technical, automation and building‑services equipment. By the end of July Vulcan reported €273.9 million of liquid funds after the drawdown, but its shares remained near a 52‑week low. Additionally, 134,225 performance rights expired on 28 July because performance targets were not met, preventing conversion into ordinary shares and reducing potential dilution; director Cristóbal Moreno’s holdings were adjusted accordingly.