Supporting Australian critical minerals expertise to go global
Australian company Vulcan Energy has today announced that it has finalised a financing agreement for its €2.193 billion (~AU$3.9 billion) Phase One Lionheart Project in the Upper Rhine Valley, Germany.
Media release
3 December 2025
Australian company Vulcan Energy has today announced that it has finalised a financing agreement for its €2.193 billion (~AU$3.9 billion) Phase One Lionheart Project in the Upper Rhine Valley, Germany.
Export Finance Australia (EFA) has played an essential role in this financing, providing early approval for €120 million (~AU$196 million) to support the Lionheart Project’s development and delivery.
As Australia’s leading financier of critical minerals projects, EFA is backing Australian businesses like Vulcan Energy to identify and secure export opportunities.
The Lionheart Project will produce battery-quality lithium hydroxide monohydrate (LHM) from geothermal brine and simultaneously generate renewable heat and power. The Project will substantially contribute to the climate goals and industrial decarbonisation efforts of both Australia and Europe.
In addition to EFA, the Project has also secured financial support from the German Government’s Raw Materials Fund, administered by Kreditanstalt für Wiederaufbau (KfW), the European Investment Bank, Export Development Canada, Export and Investment Fund of Denmark, Bpifrance Assurance Export, and Servizi Assicurativi del Commercio Estero (SACE).
“We are pleased to be working alongside our fellow export credit agency partners to support Vulcan Energy’s unique project, which demonstrates Australian critical minerals expertise,” said John Hopkins, CEO and Managing Director of EFA.
“We continue to work with Australian businesses and our financing partners to support critical minerals projects and supply chains, which are vital to the global energy transition.”
ENDS
Media enquiries: George Pettifer, +61 473 183 715, media@exportfinance.gov.au
About Export Finance Australia (EFA)
EFA is Australia’s export credit agency. EFA provides commercial finance for export trade and overseas investment and infrastructure development. From small and medium-sized enterprises to large corporates, foreign governments and infrastructure projects, it helps Australian businesses take on the world. In doing so, EFA’s finance supports Australia’s economic security and regional resilience.
EFA administers the Australian Government’s National Interest Account, which currently includes the Southeast Asia Investment Financing Facility, the Critical Minerals Facility, the Defence Export Facility and lending for the Australian Infrastructure Financing Facility for the Pacific. EFA also provides support to other Commonwealth entities, including Housing Australia and the Northern Australia Infrastructure Facility.
