Vulcan Energy’s Lionheart Moves From Paper to Poured Concrete, but the Stock Hasn’t Caught Up Yet
Published on 07/28/2026 at 05:01 | Redaktion boerse-global.de
Civil construction has officially kicked off at Vulcan Energy’s 30-megawatt geothermal plant in Landau, marking the transition of the Lionheart project from the planning room to the building site. Foundations, concrete work and access roads are now taking shape on the roughly ten-hectare plot in the southeast exhibition grounds, the company confirmed via an EQS announcement and a report from Renewables Now. For a developer that has spent months navigating financing milestones and market skepticism, the sight of actual earthmoving equipment on site is a tangible step forward.
The first phase of Lionheart targets annual output of 24,000 tonnes of lithium hydroxide monohydrate — enough material for roughly 500,000 electric vehicle batteries. On the energy side, the facility is designed to generate 275 GWh of electricity and 560 GWh of heat annually over a planned 30-year operating life. CEO Cris Moreno has reiterated that the project remains on schedule and within budget.
That budget is underpinned by a €2.2 billion financing package that reached financial close in May, backed by a consortium of 13 commercial banks alongside the European Investment Bank and several export credit agencies. Mid-July brought confirmation that Vulcan had satisfied the conditions for the first strategic drawdown from that facility, unlocking capital to keep construction moving. The company has also secured a lease for its central lithium processing plant at the Industriepark Höchst in Frankfurt, where lithium chloride will be converted into battery-grade lithium hydroxide using renewable electricity.
Should investors sell immediately? Or is it worth buying Vulcan Energy?
The quarterly report due on July 30 will be the next major checkpoint for investors. They will be looking for clarity on cash flow, how the recent capital injections are affecting liquidity, and whether the construction timeline is holding up. Particular attention is expected on the network of pipelines and power lines that will transport brine between drilling sites and processing facilities — the connective tissue of the entire Lionheart system.
Despite the operational progress, the share price tells a different story. The stock closed at €1.62, barely 1.25 percent above its 52-week low, after briefly touching €1.60 on July 24. Monday’s announcement of the construction start lifted the shares by 3.05 percent to €1.66, but that gain does little to mask a brutal stretch: the stock has shed roughly 35 percent since the start of the year and sits more than 58 percent below its 52-week high of €3.98 reached last October.
Technical indicators suggest the selling may have gone too far. The 14-day relative strength index stands at 31.6, a level that typically signals an oversold condition. Yet the broader sentiment in the lithium sector continues to weigh on the stock, even as Vulcan’s own operational milestones are being met.
Analysts covering the stock at its Australian home exchange remain constructive, maintaining a buy rating with an average price target of A$7.78. That implies a dramatic re-rating if Lionheart delivers as planned. For now, the gap between that target and the current European listing — which values the company at roughly €760 million — underscores just how much of the project’s success is already being discounted by the market. The coming months will test whether concrete progress can eventually close that gap.
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