Vulcan Energy Resources (ASX:VUL) Signs Major Supply Contract With Turboden and ROM Technik

26 September 2025

Price Sensitive Announcement $

Highlights:

• The contract includes the full scope of services required for the Engineering, Procurement and Construction (EPC) of Vulcan’s new Phase One geothermal power plant and is on a fixed lump-sum turnkey basis with a value of ~€110 million2
• The geothermal power plant will utilise Organic Rankine Cycle (ORC) technology in generating renewable power from Vulcan’s geothermal brine. The renewable power is produced as a coproduct, alongside lithium, which is also produced from the same brine source, at Vulcan’s upstream Geothermal and Lithium Extraction Plant (G-LEP)
• Turboden is an Italian firm and part of Mitsubishi Heavy Industry. Turbodenspecialises in the design, manufacture and maintenance of ORC systems both in Germany and globally. ORC systems produce baseload renewable energy, ensuring stability to the grid
• ROM Technik specialises in technical building equipment and installation services and will be responsible for co-ordinating the respective contractors on the construction of the geothermal power plant
• The signing of the contract is a condition precedent to financing, which the Company is targeting to finalise, together with additional project and financing agreements, in H2 2025
• The execution of this contract follows the signing of a supply contract with NORAM Electrolysis Systems, in early September 2025, to be the exclusive lithium electrolysis technology supplier for the downstream part of Project
• It also follows recent approval by the City of Landau Council for the Company to purchase the land for its G-LEP. The approval is a key requirement in the construction of the plant, with the Company having already received building permits for the 30MW geothermal renewable energy plant and electrical substation that form the G-LEP.

Overview:

Vulcan Energy announced it has signed a major contract with a consortium between Turboden and ROM Technik to develop, procure and construct the commercial geothermal power plant near Landau Germany, as part of the Phase One Lionheart Project.

Lionheart will have the capacity to produce 275 GWh of power, and 24,000 tonnes of lithium hydroxide, enough for ca. 500,000 electric vehicles, per annum.1

Material terms of the agreement:

The contract contains the following material terms:

• It covers the EPC to design and construct an ORC power plant as part of Vulcan Energy’s Phase One Lionheart Project, in the industrial plant of Landau
• The consortium will carry out civil works and site preparation for the Company, as well as the construction of the ORC system, including the design, manufacturing and assembly of heat exchangers, turbines, pumps, and all associated mechanical and electrical equipment. The consortium will also conduct the commissioning of the ORC plant, followed by performance tests to ensure the system meets the specified design criteria
• The contract is priced on a fixed lump-sum turnkey basis of ~€110 million3 , and will be paid in accordance with the achievement of payment milestones
• The consortium is subject to a detailed performance guarantee regime, with accompanying liquidated damages payable on both delay in delivery of the package and underperformance of the package
• Each party to provide standard mutual indemnities, financial guarantees, against losses including those resulting from breaches of the agreement, acts and omissions for which injury occurs or breaches of representations and warranties
• The agreement becomes effective upon provision of a notice to proceed following finance being secured and continues until completion of the obligations, unless terminated for substantial breaches of the agreement, insolvency, or substantial completion not achieved within nine months of substantial completion and the occurrence of other standard events
• The contract otherwise contains standard terms and conditions for a contract of this nature, including the provision of market standard bonds and guarantees.

Company Notes:

Vulcan Energy’s Managing Director and CEO, Cris Moreno, commented: “The geothermal power plant is a key component of our Phase One operation.
“Securing the services of both Turboden and ROM Technik, who are both leaders in their respective fields, will underpin the construction of the geothermal power plant, and we are fully confident in their ability to execute having delivered similar type projects in Germany and globally.
“This is yet another milestone in our aim to deliver a local, low-cost source of sustainable lithium for the European battery supply chain, with a co-product of renewable energy production.”
“We look forward to working with both service providers in ultimately contributing to the Landau region’s supply of climate-neutral energy.”

Full Company Announcement: https://hotcopper.com.au/threads/ann-major-supply-contract-signed-with-turboden-and-rom-technik.8790103/