Vulcan Energy has released a pre-feasibility study for its second lithium and geothermal project, named Ludwig, located in the Ludwigshafen region of the Upper Rhine Valley. The project aims to produce 21,100 tonnes of lithium carbonate annually and generate up to 3,125 GWh of renewable heat per year for internal and regional use.
The company plans to utilize its proprietary Direct Lithium Extraction technology to process lithium-rich geothermal brine at a single site. Vulcan estimates the required investment for Ludwig at €1.26 billion, which is approximately 15 per cent lower than the costs for its first project, Lionheart. Operating costs are projected at €4,101 per tonne of lithium carbonate equivalent.
The Lionheart project, which is in a more advanced stage, has secured €2.2 billion in financing and holds construction permits for facilities in Landau and Frankfurt-Höchst. Commercial production for Lionheart is scheduled for 2028, with offtake agreements already signed with partners including LG Energy Solution, Umicore, Stellantis, and Glencore.
Vulcan expects to produce enough lithium for one million electric vehicle batteries annually when combining the output from both projects. However, the Ludwig project remains in an early phase, with upcoming steps including 3D seismic surveys and exploration drilling. A final investment decision for Ludwig will follow the start of production at Lionheart.