Odfjell Technology, an integrated supplier of well services technology and engineering solutions, has signed a two-year contract with Vercana GmbH, Vulcan Group's drilling subsidiary. Odfjell Technology will provide tubular running services (TRS) to Vulcan Group's Phase One Lionheart Project in Germany which aims to produce lithium sustainably by combining harnessed geothermal energy with critical mineral extraction.
Odfjell Technology's drilling tool rental and TRS solutions will service the onshore geothermal project, located at Vulcan Group's Phase One project site near Landau in the Upper Rhine Valley.
Germany's geothermal energy market is experiencing rapid expansion as part of the country's renewable energy transition[1], with the sector expected to grow at an annual rate of 1.95% from 2025 to 2029[2].
"This partnership with Vercana represents Odfjell Technology's commitment to supporting the energy transition and expanding its involvement in green technology development," said Alex Gomoescu, VP Continental Europe Well Services at Odfjell Technology. "Odfjell's proven track record in geothermal drilling makes us well-placed to support this developing sector that addresses Germany's sustainability and energy security priorities."
Marco Koepsel, Managing Director of Vercana, commented: "With Odfjell Technology, we have a proven partner supporting our project with reliable technology and operational strength. Together, we are driving forward sustainable lithium production and contributing to the growth of renewable energy in Germany."
The contract commenced in May 2025 and is being serviced by Odfjell Technology's Netherlands hub. For more information on Odfjell Technology's well services, visit https://www.odfjelltechnology.com/what-we-do/well-services/
About Odfjell Technology
Odfjell Technology has five decades of experience operating worldwide and serving offshore and onshore markets. The company's integrated business model enables it to provide a comprehensive portfolio of products and services designed to create client value. Its highly competent, dedicated, and experienced workforce is well equipped to find solutions to today's and tomorrow's challenges. The energy transition is one of today's most significant challenges. Odfjell Technology's vision is to use its heritage and expertise to support the industry as it transitions to new energy solutions.
To find out more about Odfjell Technology and its services, please visit https://www.odfjelltechnology.com/
About Vulcan Energy
Vulcan Energy (ASX: VUL, FSE: VUL) is building the world's first carbon neutral, integrated lithium and renewable energy business to decarbonise battery production. Vulcan's Lionheart Project, located in the Upper Rhine Valley Brine Field bordering Germany and France, is the largest lithium resource in Europe and a tier-one lithium project globally. Harnessing natural heat to produce lithium from sub-surface brines and to power conversion to battery grade material and using its in-house industry-leading technology VULSORB®, Vulcan is building a local, low-cost source of sustainable lithium for European electric vehicle batteries. For more information, please go to https://v-er.eu/
[1] https://www.statista.com/statistics/1468788/germany-investment-geothermal-energy/
[2] https://www.statista.com/outlook/io/energy/renewable-energy/geothermal-energy/germany
