Major supply contract signed with Turboden and ROM Technik
| Stock | Vulcan Energy Resources Ltd (VUL.ASX) |
|---|---|
| Release Time | 26 Sep 2025, 8:25 a.m. |
| Price Sensitive | Yes |
Major supply contract signed for renewable energy and lithium project
- Contract with Turboden and ROM Technik to develop and construct geothermal power plant
- Geothermal power plant will generate renewable energy and produce lithium hydroxide
- Turboden is a leader in Organic Rankine Cycle (ORC) systems, ROM Technik specializes in technical building equipment
Vulcan Energy (ASX: VUL, FSE: VUL) has signed a major contract with a consortium between Turboden and ROM Technik to develop, procure and construct the commercial geothermal power plant near Landau, Germany, as part of the Phase One Lionheart Project. The Lionheart Project will have the capacity to produce 275 GWh of power and 24,000 tonnes of lithium hydroxide per annum, enough for around 500,000 electric vehicles. The contract includes the full scope of services required for the Engineering, Procurement and Construction (EPC) of Vulcan's new Phase One geothermal power plant and is on a fixed lump-sum turnkey basis with a value of approximately €110 million. The geothermal power plant will utilize Organic Rankine Cycle (ORC) technology to generate renewable power from Vulcan's geothermal brine. Turboden, an Italian firm and part of Mitsubishi Heavy Industry, specializes in the design, manufacture and maintenance of ORC systems. ROM Technik, a leader in Germany in the planning, construction and maintenance of technical building equipment, will be responsible for coordinating the respective contractors on the construction of the geothermal power plant. The signing of the contract is a condition precedent to financing, which the Company is targeting to finalize, together with additional project and financing agreements, in H2 2025.
The geothermal power plant is a key component of Vulcan's Phase One operation. Securing the services of Turboden and ROM Technik, who are leaders in their respective fields, will underpin the construction of the geothermal power plant and contribute to Vulcan's aim to deliver a local, low-cost source of sustainable lithium for the European battery supply chain, with a co-product of renewable energy production.