Vulcan Energy signs $196m supply contract with Turboden and ROM Technik
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More news: Shares in Vulcan Energy rocketed after announcing it had signed a $196 million supply contract with a consortium of European firms to develop, procure and construct a commercial geothermal power plant in Germany.
Its shares were up 13.9% to $5.70 at 3:45pm AEST, and over the last 12 months has climbed 31.94%.
Vulcan Energy signs $196m supply contract with Turboden and ROM Technik
The news: Vulcan Energy has signed a major contract with a consortium of European firms Turboden and ROM Technik to develop, procure and construct a commercial geothermal power plant near Landau, Germany, as part of its phase one Lionheart project.
The numbers: The contract includes the full scope of services required for the engineering, procurement and construction of the plant and is on a fixed lump-sum turnkey basis, with a value of €110 million ($196 million).
Vulcan said Lionheart will have the capacity to produce 275 gigawatt hours of power, and 24,000 tonnes of lithium hydroxide, enough for around 500,000 electric vehicles per year.
The context: The signing of the contract between Vulcan and the consortium is a condition precedent to financing. Vulcan hopes to finalise this in the second half of 2025.
Vulcan's Lionheart project, located in the Upper Rhine Valley Brine Field bordering Germany and France, is the largest lithium resource in Europe and a tier-one lithium project globally.
What they said: "The geothermal power plant is a key component of our phase one operation," said Vulcan's managing director and CEO Cris Moreno.
"Securing the services of both Turboden and ROM Technik, who are both leaders in their respective fields, will underpin the construction of the geothermal power plant, and we are fully confident in their ability to execute having delivered similar type projects in Germany and globally."
The source: ASX
