Highlights

  • Vulcan Energy shares gained AUD 0.030, or 0.852%, to AUD 3.550 on volume of 2,120,196 shares on 20 April 2026, after the company entered into a circa €40 million major project framework agreement with Siemens AG covering engineering, automation, telecommunications, and building technology systems for the Lionheart Project.
  • The Siemens agreement is described as the final major supply agreement for Lionheart, with the balance of major works agreements having been signed in the latter half of 2025 — marking a significant milestone in the project's transition from procurement to construction execution.
  • Siemens will act as the Main Automation Contractor (MAC) for Vulcan's Lithium Extraction Plant in Landau (already under construction), the downstream Central Lithium Plant at Industrial Park Höchst in Frankfurt, and production well sites, covering the distributed control system, industrial network, cybersecurity infrastructure, building automation, safety systems, and associated lifecycle services.

 

Vulcan Energy (ASX:VUL) shares rose AUD 0.030, or 0.852%, to AUD 3.550 on 20 April 2026, on volume of 2,120,196 shares. The bid-offer spread was AUD 3.550 to AUD 3.560 and market capitalisation was AUD 1.68 billion. The modest gain on moderate volume reflects the market's view of the Siemens agreement as a positive but anticipated project execution milestone rather than a surprise catalyst. The announcement of the final major supply agreement for Lionheart confirms that the project's procurement phase is now complete, removing a key execution risk from the forward programme.

The Siemens Agreement: ~€40 Million, Final Major Supply Contract

Vulcan Energy has entered a circa €40 million major project framework agreement with Siemens AG for the Lionheart Project. The agreement is structured as a framework, allowing Vulcan to enter into purchase orders with Siemens for discrete packages of work on a staged basis throughout project delivery. Each purchase order will contain specific pricing, scope, and specifications, subject to the overriding general terms and conditions of the framework. Vulcan has committed to enter into purchase orders with a minimum aggregate value of €40 million.

The contract covers three separate areas of the Lionheart Project on identical general terms: the Lithium Extraction Plant in Landau (already under construction), the Central Lithium Plant at Industrial Park Höchst in Frankfurt, and the production well sites. Siemens will act as the Main Automation Contractor (MAC) across all three areas.

The scope of the agreement encompasses engineering and delivery of the distributed control system, industrial network and cybersecurity infrastructure, building automation, safety systems, and associated design and lifecycle services. Standard contract terms include 24-month warranties, advance payment guarantees, warranty guarantees, and mutual indemnities between the parties. The Siemens Agreement follows a Memorandum of Understanding from 2025 acknowledging Siemens as a preferred supplier until 31 December 2035 — covering not only Lionheart Phase One but future development phases as well.

Final Major Supply Agreement: Completion of Procurement Phase

Vulcan characterised the Siemens agreement as the final major supply agreement for Lionheart, with all other major works agreements having been signed in the latter half of 2025. The completion of the major procurement framework is a significant project milestone: it confirms that Vulcan has secured binding commitments from its principal contractors and equipment suppliers across all key work packages, providing the commercial and contractual foundation for construction to proceed according to plan.

Siemens Financial Services has also agreed to invest €67 million as part of Vulcan's €2.2 billion (AUD 3.9 billion) financing package secured in December 2025, comprising €60 million in base equity and €7 million in standby equity. This financial participation by Siemens alongside its role as MAC aligns the supplier's interests with Vulcan's project delivery objectives.

Lionheart Project Context and Production Target

The Lionheart Project targets production capacity of 24,000 tonnes of lithium hydroxide monohydrate (LHM) per annum — enough for approximately 500,000 electric vehicle batteries per year — with co-products of 275 GWh of renewable power and 560 GWh of heat per annum for local consumers, over an estimated 30-year project life. Construction of the Lithium Extraction Plant in Landau is already underway. CEO Cris Moreno noted in the announcement that with construction under way, the stage is set for Vulcan and its key partners to deliver Europe's first fully domestic and sustainable lithium supply chain.

Conclusion

Vulcan Energy's 20 April 2026 announcement of the circa €40 million Siemens supply framework completes the major procurement phase for the Lionheart Project, with Siemens positioned as Main Automation Contractor across the Lithium Extraction Plant, Central Lithium Plant, and production well sites. Shares gained 0.852% to AUD 3.550 on volume of 2.12 million shares and a market cap of AUD 1.68 billion. The measured price response reflects the market's view that the Siemens contract is an expected execution milestone rather than a surprise — one that confirms the project is on track rather than changing the fundamental investment thesis.