Vulcan Energy Resources
An Australian lithium and renewable-energy company developing geothermal-powered, low-carbon lithium production in Germany's Upper Rhine Valley.
Last updated August 26, 2026
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Overview
Vulcan Energy Resources is an Australian company developing an integrated lithium and renewable-energy business centered on Germany's Upper Rhine Valley. Its principal project, marketed as the Zero Carbon Lithium project, is designed to extract lithium dissolved in naturally occurring geothermal brines while also using the brines' heat to generate renewable electricity and supply heat to local networks. The company presents this model as an alternative to conventional hard-rock mining and evaporation-pond production, with the aim of reducing the carbon, land and water impacts associated with battery-material supply chains. The company was founded in 2018 by geologists Dr. Francis Wedin and Dr. Horst Kreuter. Wedin had explored the combination of lithium extraction and geothermal resources since 2014, while Kreuter brought experience in geothermal development in Germany and other markets. Vulcan entered public markets in Australia in June 2018. Its strategy subsequently focused on the lithium-bearing geothermal reservoirs beneath the Upper Rhine Valley, a region that the company describes as Europe's largest lithium resource. Rather than mining ore or transporting brine to open evaporation ponds, Vulcan's proposed process uses direct lithium extraction. Lithium is selectively captured from thermal water, converted into lithium chloride and then refined into battery-grade lithium hydroxide. The thermal water is intended to remain within a closed-loop system and be reinjected after processing. Vulcan expanded its technical platform through a pilot plant in Landau, Germany, which began testing the company's extraction approach against the chemical properties of Upper Rhine Valley brines in 2021. The company also acquired Geothermal Engineering GmbH and gec-co Global Engineering & Consulting in 2021, adding subsurface, engineering and surface-infrastructure capabilities. Its operating structure later included Vulcan Subsurface Solutions, Vulcan Energy Engineering, Natürlich Insheim and VERCANA, the latter focused on electrically powered drilling. Commercial activity accelerated in 2021 and 2022. Vulcan entered planned lithium supply arrangements with Renault Group, Umicore, Stellantis, Volkswagen and LG Energy Solution. These agreements were intended to support European battery and electric-vehicle manufacturing, with deliveries generally scheduled for the middle of the decade. Stellantis also invested €50 million in Vulcan in 2022 and extended its planned supply relationship. In the energy business, Vulcan acquired the Insheim geothermal power plant and signed a long-term renewable-heat agreement with MVV, linking the lithium project to regional decarbonisation and district-heating demand. Vulcan has also pursued exploration and partnerships beyond its initial German licenses. It obtained additional exploration rights in Germany, applied for exploration in the French portion of the Upper Rhine Valley and received permission to investigate the Cesano geothermal region near Rome, where it later agreed to cooperate with Enel Green Power on research. The company opened a lithium laboratory in Karlsruhe-Durlach and worked with Nobian on a proposed lithium-refining facility at Frankfurt's Höchst Industrial Park. It has additionally collaborated with Circulor on lithium traceability and dynamic carbon measurement. The company's stated development plan envisaged first production in 2025, with an initial phase targeting up to 15,000 tonnes of lithium hydroxide and later phases potentially raising total capacity to approximately 40,000 tonnes per year by 2026. These figures are development targets rather than confirmed production results. Vulcan's business therefore combines resource exploration, direct lithium extraction, lithium-hydroxide refining, geothermal electricity and heat, and the engineering and drilling systems needed to build those operations.
History
Vulcan Energy Resources was established in 2018 by geologists Francis Wedin and Horst Kreuter. Wedin had been investigating lithium extraction from geothermal resources since 2014, while Kreuter contributed long-standing geothermal-development experience. The company listed in Australia in June 2018 and developed a strategy combining lithium production with renewable geothermal power and heat. Its central asset is the lithium-bearing geothermal brine of Germany's Upper Rhine Valley. Vulcan's proposed process avoids conventional open-pit mining and evaporation ponds. Thermal water is brought to the surface, lithium is selectively captured through direct extraction, and the water is intended to be reinjected underground. Heat from the brine can support the extraction process and be converted into renewable electricity or delivered as heat. The recovered lithium is purified and converted into lithium hydroxide for use in battery cathodes. A pilot plant at Landau began operating in 2021 to adapt and validate the extraction process using local geothermal water. In the same year, Vulcan acquired Geothermal Engineering GmbH and gec-co Global Engineering & Consulting, strengthening its geothermal and project-engineering capabilities. It also worked with Circulor on supply-chain traceability and carbon measurement. A life-cycle assessment published in 2021 reported a negative net greenhouse-gas footprint for the proposed lithium-hydroxide production system based on pre-feasibility-stage data; this was a modeled assessment rather than a record of commercial production. Vulcan built a customer base through planned offtake agreements in 2021 and 2022. Renault, Umicore, Stellantis, Volkswagen and LG Energy Solution each announced arrangements connected to future European lithium supply. In 2022, Stellantis additionally invested €50 million. The company also broadened its energy operations by acquiring the Insheim geothermal plant and agreeing to provide renewable geothermal heat to MVV for 20 years. Exploration and technical development expanded during 2022. Vulcan secured additional German exploration licenses, received permission to investigate the Cesano geothermal area near Rome and agreed with Enel Green Power to conduct research there. It established a French subsidiary to pursue exploration on the French side of the Upper Rhine Valley, opened a lithium laboratory in Karlsruhe-Durlach and partnered with Nobian on a proposed refinery at Frankfurt's Höchst industrial site. Vulcan's operating entities came to cover deep geothermal work, surface engineering, plant operations and electrically powered drilling. The company planned to begin its first production phase in 2025, initially targeting as much as 15,000 tonnes of lithium hydroxide and later aiming for approximately 40,000 tonnes of annual capacity after additional plants were developed. These remain stated development objectives. Vulcan's identity is consequently built around an integrated model: producing battery lithium, renewable electricity and renewable heat from the same geothermal resource while developing the engineering infrastructure required to operate the system.
- 2025
Planned first production phase
[1]The company planned an initial lithium-hydroxide production phase of up to 15,000 tonnes, subject to project development.
- 2022
Insheim geothermal plant acquired
[1]The acquisition expanded Vulcan's geothermal electricity operations in Germany.
- 2022
Frankfurt listing and Stellantis investment
[1]Vulcan began trading on the Frankfurt Stock Exchange and Stellantis invested €50 million in the company.
- 2021
Landau pilot plant begins testing
[1]A pilot plant began adapting the company's direct-lithium-extraction process to Upper Rhine Valley geothermal brine.
- 2021
Automotive and battery offtake agreements announced
[1]Vulcan signed or announced planned lithium supply arrangements with Renault, Umicore, Stellantis and Volkswagen.
- 2018
Company founded and listed in Australia
[1]Vulcan Energy Resources was founded by Francis Wedin and Horst Kreuter and entered the Australian public market in June.
Products and positioning
Integrated low-carbon lithium and geothermal-energy producer
Battery materials
Battery-grade lithium hydroxide
Vulcan's principal planned lithium product is high-purity lithium hydroxide monohydrate for use in battery cathodes. The company intends to produce it by extracting lithium from geothermal brine, purifying the intermediate lithium chloride and refining it through a chemical conversion process. The product is aimed at European battery and electric-vehicle supply chains.
Renewable energy · 2022
Geothermal electricity
Vulcan develops and operates geothermal power assets that use heat from deep thermal-water reservoirs to generate renewable electricity. The Insheim plant became part of the company's operating portfolio in 2022. Electricity can support the company's lithium facilities and may also be supplied to local grids.
District heating
Renewable geothermal heat
The company supplies or plans to supply heat recovered from geothermal brine to regional energy networks. Its agreement with MVV contemplated long-term delivery of renewable geothermal heat, connecting Vulcan's resource-development model with industrial and district-heating demand.
Energy infrastructure services · 2021
Geothermal engineering and drilling
Through its engineering and drilling entities, Vulcan provides capabilities for subsurface assessment, geothermal plant development, surface systems and electrically powered drilling. These activities support the company's own lithium and geothermal projects and form part of its integrated operating model.
Marketing campaigns
- 2022UN Global Compact participation
International
Vulcan joined the United Nations Global Compact, aligning its corporate sustainability program with a voluntary framework covering responsible business and sustainability principles.
Outcome. The company became a participant in the initiative.
Brand decisions
2022
Acquire the Insheim geothermal power plantM&ABackground
Vulcan wanted to expand from project development into operating renewable-energy assets.
Action taken
The company acquired the Insheim plant in Germany and operated it through Natürlich Insheim.
Aftermath
The acquisition added geothermal power generation and revenue to the company's business activities.
Geothermal revenue. €1.7 million (March 2022)
2022
Extend the Stellantis supply relationshipOtherBackground
Stellantis sought long-term access to European battery-grade lithium and a closer relationship with Vulcan.
Action taken
Stellantis invested €50 million and extended the planned lithium supply agreement to 2035.
Aftermath
The investment made Stellantis a major shareholder and deepened the strategic connection between an automaker and a listed lithium developer.
Strategic investment. €50 million (June 2022)
2021
Adopt an integrated geothermal-lithium production modelStrategyBackground
Vulcan sought to develop lithium production from Upper Rhine Valley geothermal brine while reducing dependence on mining and evaporation ponds.
Action taken
The company combined direct lithium extraction, lithium-hydroxide refining, geothermal electricity and renewable heat within one project platform.
Aftermath
The strategy supported pilot testing, customer offtake agreements and expansion of geothermal and engineering operations.
Recent events
Volkswagen signs lithium supply agreement with Vulcan Energy[2]
Reported:
Volkswagen signed an agreement with Vulcan Energy Resources for the supply of CO2-neutral lithium hydroxide from Germany's Upper Rhine Valley over five years starting in 2026.
Vulcan Energy sues J Capital[3]
Reported:
Vulcan Energy Resources launched a lawsuit against short-seller J Capital.
- Unconfirmed
Federal Court restricts J Capital from sharing Vulcan report[3]
Reported:
The Federal Court banned J Capital from sharing its critical report of Vulcan Energy Resources for a week.
Vulcan Energy acquires Gec-Co[4]
Reported:
Vulcan Energy acquired German geothermal engineering company Global Engineering and Consulting GmbH (Gec-Co), doubling the size of its technical team.
Sources5 sources
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