The Export and Investment Fund of Denmark (EIFO) has granted an export loan of €100 million to Vulcan Energy for its Phase One Lionheart Project, bringing the total debt package for the project to approximately €1 billion.
Located in the Upper Rhine Valley Brine Field (URVBF) in southwestern Germany, the Lionheart Project aims to establish Europe’s first domestic supply of sustainable lithium.
China currently dominates global lithium refining. Vulcan’s Lionheart Project will manage every stage of the lithium value chain, from extraction to processing, reducing dependency on imports and strengthening European supply security.
“Lionheart is a strategically important project which strengthens Europe’s supply chain and reduces its dependence on imports from China,” said EIFO Chief Commercial Officer Peter Boeskov. “Lithium is essential for Europe’s energy and mobility transition, and the Lionheart Project provides Europe with a new sustainable source.”
“Lionheart is set to deliver Europe’s first fully domestic and sustainable lithium value chain, and with EIFO’s support, we now look forward to moving into the construction phase of the project,” said Vulcan Energy Managing Director and CEO Cris Moreno.
Vulcan’s integrated geothermal and lithium production process extracts lithium chloride (LiCl) directly from naturally heated subterranean brine while simultaneously producing renewable geothermal energy for local communities and industry.
Vulcan says its geothermal lithium extraction process significantly reduces the environmental impact of lithium production, as it uses recycled water and green energy. Lionheart will use both new and existing geothermal wells to maximize infrastructure efficiency. Vulcan will build a central processing plant at Industriepark Höchst near Frankfurt, where the extracted lithium will be converted into lithium hydroxide monohydrate (LHM) for direct use in battery production for the European automotive industry.
Vulcan’s Phase One Lionheart aims to produce 24,000 tonnes of LHM per year—enough to supply batteries for about 500,000 electric vehicles—while also generating 275 GWh of renewable power and 560 GWh of heat for local consumers.
Vulcan has already signed long-term supply agreements with customers including Stellantis, LG Energy Solution, Umicore and Glencore.
Source: Vulcan Energy
