Project Ludwig (Vulcan Phase 2)

Owner

Vulcan Energy Resources via Vulcan Energie Ressourcen GmbH (licence holder, Ludwig and Therese licences); KfW holds 14.49% of Vulcan Energie Ressourcen GmbH since Financial Close (May 2026)

Listed via

VUL.AX

Product

Li2CO3

Deposit type

Geothermal brine

Capacity

PFS (Sep 2026): 21.1 ktpa battery-grade Li2CO3 plateau, 517 kt over 30-yr life; 3,125 GWh/yr renewable heat; capex €1.26bn; FID after Lionheart start-up
≈ 21.1 kt LCE/yr (planned)

Location

49.48°, 8.41°

Ludwigshafen region, Upper Rhine Valley Brine Field, ~60 km north of Lionheart. Location = centre of the Ludwig licence (457286 E, 5480854 N, ETRS89 UTM 32N, PFS JORC Table 1 p. 39); the PFS gives no plant coordinates, so the operation is not located to within 1 km.

Attributable capacity

Structure: Vulcan Energy Resources via Vulcan Energie Ressourcen GmbH (licence holder, Ludwig and Therese licences); KfW holds 14.49% of Vulcan Energie Ressourcen GmbH since Financial Close (May 2026). 14.49% is held by unlisted or untracked owners.