Vulcan Energy's VULSORB Rollout Puts a Number on Europe's Lithium Ambitions: 95%
Published on 09/22/2026 at 10:11 | Editorial boerse-global.de
Vulcan Energy has begun commercial manufacturing of VULSORB, its proprietary lithium extraction adsorbent, at a plant in Germany — a milestone that shifts the company's technology story from laboratory promise to industrial reality.
The alumina-based material is designed to pull lithium selectively out of hot geothermal brine in the Upper Rhine Valley, the fault line along the German-French border where Vulcan intends to pair renewable heat production with battery-grade lithium chemicals. Columns at the flagship Lionheart project are to be loaded with the adsorbent ahead of a planned start-up in the second half of 2028.
Test runs under field conditions showed lithium extraction rates of as much as 95%, according to the company. Lionheart's first phase is sized for 24,000 tonnes of lithium hydroxide monohydrate per year.
A Supply Chain Play, Not Just a Chemistry Project
Owning the recipe matters as much as owning the molecule. China has long controlled the global market for direct lithium extraction technology and tightened export controls and licensing requirements early last year. By manufacturing VULSORB itself and working through European partners, Vulcan aims to underpin an independent Western supply chain.
Chief executive Cris Moreno said bringing production online lowers technology, supply chain and execution risk ahead of first regular output. Beyond internal demand — including for the planned Ludwig facility — Vulcan intends to license the technology selectively to international players through its VULTEC arm.
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That licensing angle gives the developer a second potential revenue stream that does not depend on its own brine fields coming online on schedule.
Ludwig Study Flashes Big Numbers and a Bigger Bill
Roughly two weeks ago, Vulcan published a preliminary feasibility study for Project Ludwig, the second phase of its build-out near Ludwigshafen. Over a 30-year operating life, the plan envisages 21,100 tonnes of battery-quality lithium carbonate annually, alongside 3,125 gigawatt-hours of renewable heat per year.
Development costs are put at EUR 1.26 billion — about 15% less per unit of capacity than Lionheart. The study cites a pre-tax net present value of EUR 2.6 billion and an internal rate of return of 25%.
Those figures sketch the scale of the financing challenge that any European raw materials project of this size must clear.
Boardroom Reshuffle and a Fresh Permit
To manage the twin demands of construction and long-term backing, the leadership was reorganized about a week ago. Angus Barker took over as non-executive chair, while founder Dr. Francis Wedin moved into an advisory role to focus on the project pipeline and the VULTEC technology business.
On the regulatory front, the Ilka lithium extraction licence for the Landau area, which underpins Lionheart, adds legal certainty. The permit runs for six years and opens the path to a full 30-year authorization.
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The Balance Sheet Shows the Cost of Waiting
Building industrial infrastructure requires heavy spending before any steady revenue flows from selling refined battery materials. Staying inside the budget until first regular output remains a key yardstick for market participants.
The development phase is clearly visible in the accounts. For fiscal 2025, Vulcan reported revenue of roughly EUR 7.35 million and a net loss of about EUR 69.58 million, driven by continuing capital expenditure on commercializing Lionheart.
Shareholders Are Being Asked for Patience
The equity has felt the strain. The stock closed yesterday at EUR 1.39, down 46% since the start of the year, and has traded around EUR 1.35 in recent sessions. In a tough market, investors want hard evidence that timelines and cost envelopes hold — vision alone is not carrying the day.
The path to European resource sovereignty stays rocky. Vulcan is laying the engineering and administrative groundwork, but the road to 2028 demands stamina. Whether disciplined execution on the ground is enough to win back investor favor will hinge above all on meeting milestones without slippage.
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