Journalist filming part of the Vulcan plants

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Vulcan paves the way: European Parliament’s call for an EU geothermal energy strategy

Vulcan welcomes the results of the Report on Geothermal Energy by the European Parliament, which has been overwhelmingly voted for in a motion with 531 in favour and two against. The Report noted:  geothermal energy is vital not only for the energy transition but for the just transition.  geothermal energy can supply more than 75 % of the heating and cooling consumed in Europe and over 15 % of its electrical power by 2040. the process of extracting raw materials from geothermal brines in an environmentally sustainable way could help contribute to securing a local and reliable supply of strategic critical raw materials, including lithium, therefore strengthening the EU’s economic resilience. notes, in this regard, that facilities that extract both geothermal energy and raw materials induce higher employment effects than traditional geothermal plants as well as attract businesses looking to use multiple resource streams. This significant step highlights Europe’s recognition of geothermal energy as an untapped opportunity for renewable energy development and underlines the EU’s commitment to its broader climate and energy targets for 2030. Vulcan is championing Europe’s geothermal energy transition. In October, Vulcan’s Co-Founder and geothermal energy expert, Dr. Horst Kreuter, hosted members of Professor Krasnodębski’s team at its geothermal power plant in Insheim, Germany, which for many was their first visit to a geothermal plant. Following this visit, Vulcan supported the European Parliament in Brussels, together with the European Geothermal Energy Council (EGEC), in formulating a needs assessment for the geothermal industry and contributing to the European geothermal agenda. Vulcan’s is already contributing to a green energy future for Europe, suppling thousands of households with renewable power from its Insheim geothermal plant, in Germany. Further expansion of its geothermal operations is under planned as part of Phase One of the ZERO CARBON LITHIUM™ Project. On a German federal level, the Federal Government has set out a vision to boost the country’s geothermal potential tenfold to 10 terawatt-hours and add another 100 geothermal projects by 2030. By this time, Vulcan aims to provide geothermal renewable heat production for one million people through its integrated renewable energy and ZERO CARBON LITHIUM™ Project. Managing Director and CEO, Cris Moreno stated: “Geothermal energy is a constant “24-7” form of energy and it is pleasing to see this source recognised and valued as a substantial part of the European energy solution of the future. This resolution will accelerate geothermal energy adoption and act as a catalyst for Vulcan’s ZERO CARBON LITHIUM™ Project for Phase One and beyond.   Media inquiries:   Annabel Roedhammer Vice President Communications and Investor Relations +49 (0) 1511 410 1585

Vulcan welcomes German government’s €1 billion for critical raw materials to bolster green projects

Vulcan Energy Resources welcomes the German government’s creation of a €1.1 billion (AU $1.8 billion) investment fund to fortify the nation’s access to critical raw materials essential for high-tech and green projects. This will be managed by the state-owned KfW development bank. Initial details indicate a selection process will be established to determine which projects are eligible, including in extraction, processing, and recycling materials. For Vulcan, this decision to invest further in the development of domestic raw material projects comes at an important time for the company, which is progressing with its project-level debt and equity financing program for Phase One of the ZERO CARBON LITHIUM™ Project. Managing Director and CEO Cris Moreno stated: “The demand for lithium is expected to increase 57-fold by 2050 in Europe. Vulcan aims to be front and centre for securing a domestic and sustainable supply chain within Europe, for Europe. We are thrilled to see this commitment made to ramp up and foster innovation, ensuring domestic resilience of critical raw materials supply chains and to include this investment program into our debt and project-level equity financing process”. As an integrated lithium and geothermal company with net zero greenhouse gas emissions, and process operations from lithium extraction to lithium hydroxide production, Vulcan believes itself to be well-placed to potentially benefit from this investment process. Vulcan is developing sustainable lithium production from its ZERO CARBON LITHIUM™ Project in the Upper Rhine Valley, Germany, the largest lithium resource in Europe. Phase One of Vulcan’s ZERO CARBON LITHIUM™ Project will produce 24,000tpa of Lithium Hydroxide (LHM), equivalent to 500,000 Electric Vehicles. Vulcan will supply key auto and battery makers in the European supply chain, including its second-largest shareholder, Stellantis.   Media inquiries:   Annabel Roedhammer Vice President Communications and Investor Relations +49 (0) 1511 410 1585
Infographic of the setup of the G-LEP

Positive City Council vote for Geothermal and Lithium Extraction Plant

The agreement enables Vulcan to construct the Phase One Geothermal renewable energy and Lithium Extraction Plant (G-LEP) on the intended land which is located in the Landau region. Completion of acquisition of this land is set to occur subsequently, following satisfaction of already agreed conditions and execution of the formal purchase agreement. The land is located within the planned Landau commercial park “Am Messegelände Südost”. The positive vote underlines the strong support by the City of Landau, given the Project’s strong local social and environmental benefits. The prospective land acquisition is a major step in completion of the Phase One plant land packages and will add to the site already secured at Industrial Park Frankfurt Hoechst for the Central Lithium Plant (CLP), underlining the Company’s strong progress towards delivering Phase One. The decision comes shortly after the opening of Vulcan’s Lithium Extraction and Optimisation Plan (LEOP) in Landau, and during the early stages of Vulcan’s project-level Phase One financing which commenced at the end of November. Vulcan’s Phase One commercial operation is targeting 24,000 tonnes per annum lithium hydroxide production, to supply the European battery electric vehicle supply chain. Vulcan’s Managing Director and CEO, Cris Moreno, commented: “The decision from the Landau City Council not only represents an important step forward for the execution of Phase One of our ZERO CARBON LITHIUM™ Project, but also underlines the significant progress made towards enabling a more sustainable end-to-end Battery Electric Vehicle supply chain in Europe. This is a collective stakeholder engagement effort, and we are thrilled to have the City of Landau and its administration working together with us towards realising the enormous benefits of our Project to the Landau region and beyond. This positive decision is a significant de-risking event for Phase One. Our immediate focus now is on producing the first tonnes of lithium on specification from our Optimisation Plants in Q1 2024 and finalising our project-level Phase One financing by the end of Q2.” On 12 December, the Landau City Council formally approved a decision to grant Vulcan the right to begin construction of and subsequently, following satisfaction of conditions, acquire the land for its Phase One ZERO CARBON LITHIUM™ Project integrated G-LEP. This land is within the planned Landau commercial park “Am Messegelände Südost”. The final acquisition agreement will be signed following satisfaction of conditions, such conditions having already been agreed, between Vulcan and the relevant Landau City Department, and include partial fulfillment of the intended land development plan for the commercial park in which the land is located. Lithium-rich brine and the hot industrial water will be transported to Vulcan’s G-LEP facilities in the Landau commercial park. The hot industrial water will be used to provide carbon neutral heat, thus producing green energy to benefit the local community in Landau and the surrounding region. In the Lithium Extraction Plant, the lithium will be extracted from the brine before it is returned to the subsurface, in a closed loop system. The lithium chloride produced will be transported to the Industrial Park in Hoechst for conversion to lithium hydroxide.

Environmental and Social Impact Assessment completed for Phase One ZERO CARBON LITHIUM™ Project

Vulcan is advancing Phase One of its ZERO CARBON LITHIUM™ Project: the first integrated project delivering renewable energy and lithium, from Europe for Europe. In doing so, Vulcan aims to:  Meet Europe’s battery electric vehicle critical raw material needs. Provide affordable, baseload renewable energy to local communities. Generate thousands of direct and indirect jobs linked to the energy transition, decarbonisation, and electrification of transport.   Key outcomes of the ESIA report: The environmental and social baseline, impact assessment, and cumulative impact assessment completed by ERM is in line with lenders’ requirements to ensure a level of environmental performance prior to the furnishing of debt finance, e.g. the International Finance Corporation (IFC) Performance Standards on Environmental and Social Sustainability, and the Equator Principles (EP4). ESIA notes there are multiple positive impacts of the Project, including renewable heating provision for local communities, and carbon neutral lithium production to decarbonise the lithium supply chain, in a world leading first for the industry   Other positive impacts noted in the ESIA included: The creation of numerous energy transition jobs, as well as ongoing local innovation and research in green technologies; the Project is being developed entirely on industrial and farming land, with no material negative impact to the local environment, and farming activities continuing uninterrupted; and there are no potential impacts of the Project classed as greater than “minor” post-mitigation; with most impacts classed as “insignificant”, during the construction, operation and decommissioning phases. An Environmental and Social Management Plan (ESMP) has been created in advance of construction start, in line with the ESIA recommendations and industry best practice. The ESIA and ESMP, key components towards the provision of green financing, will be integrated into Vulcan’s Phase One project-level debt and equity financing process, which has been initiated.   Vulcan’s ESG Lead, Storm Taylor, commented: “The completion of the Environmental and Social Impact Assessment marks a significant milestone in the advancement of our Zero Carbon Lithium™ Project. The ESIA has validated the world-leading sustainability and social benefits our integrated renewable energy and lithium project will deliver to stakeholders. Uniquely, our Project has no potential impact classed as greater than “minor” post mitigation and has instead shown a range of positive impacts to both people and the planet. As a next step, we look forward to implementing the best practice Environmental and Social Management Plan (ESMP) developed, and to engaging with lenders on this matter during the Phase One financing process, which has been initiated.”

ZERO CARBON LITHIUM™ Optimisation Plant opening

Official opening and start of Vulcan’s Lithium Extraction and Optimisation Plant (LEOP) in Germany. Europe’s first plant for fully domestic lithium chemicals production, to secure Europe’s lithium supply chain for Battery Electric Vehicle (BEV) manufacturers. Produced from the largest lithium resource in Europe, the Upper Rhine Valley Brine Field. Representing a €40m investment by Vulcan, LEOP is an optimisation, operational training and product qualification facility, to enable commercial operational readiness. Part of the ZERO CARBON LITHIUM™ Project, renewable heat in the lithium brine resource allows Vulcan to produce with a net zero carbon footprint, a world first in lithium.   Karlsruhe, 23 November 2023: Vulcan officially opened its Lithium Extraction Optimisation Plant (LEOP) in Landau, Germany, in a ceremony attended by local community, shareholders, politicians, strategic partners and industry. The start of operations at LEOP will signify the first lithium chemicals which will be produced in Europe with an entirely locally sourced value chain. The renewable heat in the lithium brine resource at the Zero Carbon Lithium™ Project will also enable Vulcan to produce with a net zero carbon footprint and co-production of renewable energy, a world-first in the lithium industry. Vulcan has successfully tested and piloted lithium production using in the Upper Rhine Valley Brine Field for nearly three years, including at its pilot plants in Insheim and Landau. Over 10,000 hours of successful in-house pilot plant performance testing has been conducted to date, showing high lithium recoveries and thousands of cycles of sorbent life with no degradation. Vulcan uses its proprietary in-house sorbent, VULSORB®, which has shown a high-performance relative to “off the shelf” products. Vulcan has proven that the sustainable lithium production process Adsorption-Type Direct Lithium Extraction (A-DLE), which accounts for 10% of global lithium production today, can be successfully applied in the Upper Rhine Valley, heated and powered by geothermal renewable energy. This means that Europe can not only produce its own locally-sourced lithium for battery electric vehicles, but also do so with a world-leading net zero carbon footprint. Vulcan’s LEOP will serve as an optimisation facility and training ground for its production team, producing tonnes of lithium chloride, whilst the Phase One commercial plant is being constructed and commissioned over the next two and a half years. Currently, the EU has set a target of 100% of vehicles to be zero emissions by 2035, indicating Europe will see a 57–fold increase in lithium demand in the coming years; until now, there has been zero local lithium supply. Vulcan’s Zero Carbon Lithium™ Project, with integrated renewable heat, renewable power and lithium production, will pave the way for Germany and more broadly Europe toward achieving a net zero shift in mobility and energy. With lithium offtake agreements in place with Stellantis, Volkswagen, Renault, Umicore and LG, Vulcan is delivering towards a competitive and sustainable battery industry in Europe across the entire value chain. Once Phase One commercial production commences, Vulcan’s ZERO CARBON LITHIUM™ business will produce enough lithium hydroxide for 500,000 BEVs, as well as providing renewable heating to local communities and generating thousands of direct and indirect energy transition jobs. The opening of LEOP is timely given the EU reached a resolution and agreement on the Critical Raw Materials Act last week, as lithium is at the top of the “Critical Raw Materials list” for the BEV industry. This creates a policy tailwind for Vulcan as it readies for Phase One commercial project execution production. Vulcan’s CEO and Managing Director, Cris Moreno, stated, “Vulcan and its ZERO CARBON LITHIUM™ business is driving new standards of sustainability in the lithium industry, whilst being at the forefront of creating a new, locally-supplied lithium industry for BEVs in Europe. Our LEOP plant is ready to start production. This is not just an achievement for Vulcan; it’s a step towards Germany, and more broadly Europe, securing the lithium it needs to help its auto industry survive and thrive in the electric age, without compromising on ethical or sustainability standards.” A week ago, Vulcan presented the results of its Bridging Study, showcasing a solid financial position and reduced CAPEX as we advance our Phase One commercial project. The financing for Phase One has commenced, and with our LEOP start, we are building a pathway towards ZERO CARBON LITHIUM™ from Europe, for Europe.”

The U.S. Consul General Visits Vulcan’s Operations

US Consul General Norman Thatcher Scharpf visits Vulcan’s Zero Carbon Lithium™ operations including its Lithium Extraction Optimisation Plant (LEOP) which is about to produce Europe’s first tonnes of domestically produced lithium chemicals. Discussions strengthen the Minerals Security Partnership between the US and Europe.   Karlsruhe, 15 November 2023. The Consul General of the U.S. Consulate General in Frankfurt, Norman Thatcher Scharpf, visited Vulcan’s Lithium Extraction Optimisation Plant (LEOP) in Landau, Germany, which is about to produce Europe’s first domestically produced lithium chemicals. During his visit, the Consul General emphasised the importance of collaboration between Europe and the US to ensure secure and sustainable lithium supply chains to benefit both the US and Europe’s decarbonisation targets. In addition to the LEOP, Thatcher Scharpf also viewed Vulcan’s geothermal power plant in Insheim Vulcan Labs, as well as the planned future Phase One well site of the Company, to gain insights into Vulcan’s Zero Carbon Lithium™ Project. Vulcan is on track to be the first integrated renewable energy and lithium project to supply the battery electric vehicle industry from Europe for Europe, therefore actively supporting Europe’s independence within the supply of critical raw materials. Consul General Scharpf’s visit also strengthens the Minerals Security Partnership between the countries, seeking to accelerate the growth of resilient and sustainable supply chains for critical energy minerals. This timing is also significant, with the European Commission only announcing two days previously that a provisional agreement has been reached on the European Critical Raw Materials Act, aiming to increase and diversify the EU’s critical raw materials supply for EV battery production. The critical raw materials act, which will also name strategic critical raw materials projects, is likely to come into effect early in 2024. “It was a great pleasure to welcome the Consul General on site and to show him firsthand how Vulcan is building a domestic, secure, and sustainable lithium supply, contributing to decarbonising the lithium supply chain for electric vehicles in Europe. The Minerals Security Partnership underlines the persistent and strong cooperation between Europe and the US, with Vulcan at the forefront of providing a fully sustainable value chain”, said Vulcan’s CEO and Managing Director, Cris Moreno.

Vulcan in Media.

Vulcan CEO Cris Moreno giving an interview