Vulcan Energy has secured a comprehensive financing package to fully fund the construction and development of Phase One of the Lionheart lithium project in the Upper Rhine Valley.
The funding, worth €2.2mn, has enabled the Vulcan Board to take a Final Investment Decision on Phase One Lionheart, with the execution of the project expected to commence in the coming days. The project intends to position Vulcan as a key enabler in Europe’s battery and electric vehicle value chain, delivering low-cost lithium for the continent.
Phase One Lionheart will involve the construction of an integrated lithium and renewable energy project, with a targeted capacity of 24,000 tonnes of lithium hydroxide monohydrate. This output will be enough for 500,000 electric vehicle batteries per annum, with a co-product of 275 GWh of renewable power and 560 GWh of heat per annum.
Some of the key facilities to be developed in Phase One Lionheart include geothermal-lithium brine production wells; ancillary infrastructure including a substation and pipelines; a renewable power and heat plant; a Lithium Extraction Plant; and a Central Lithium Plant.
Vulcan Energy’s Managing Director and CEO, Cris Moreno, said, “Securing this financing package and taking a positive FID is a significant achievement in the history of Vulcan Energy. It will allow the company to transition from development phase into execution phase with the construction of the commercial scale supply chain for Lionheart.
“I wish to acknowledge our financial and investment partners, including the European Investment Bank and international export credit agencies and commercial banks, KfW, and our high-quality strategic investors for their support in this project […] Lionheart is set to redefine lithium production, delivering Europe’s first fully domestic and sustainable lithium value chain.”