Vulcan Energy Welcomes Construction Veteran to Its Board Amid Project Acceleration

Vulcan Energy strengthens governance with a HOCHTIEF executive, advancing its Lionheart lithium project on schedule despite recent share price pressure.

The supervisory board of lithium developer Vulcan Energy has been strengthened with the appointment of Roberto Gallardo, effective April 1, 2026. Gallardo serves as the Chief Strategy Officer of HOCHTIEF and is President of the CIMIC Group. This strategic move follows a significant €169 million investment by HOCHTIEF in Vulcan Energy during December 2025. The investment was split, with €39 million directed into the Lionheart project company and a further €130 million serving as a cornerstone investment in Vulcan shares. Consequently, HOCHTIEF now holds a 15.41% stake in the company.

Operational Partnership Deepens with EPC Award

The appointment solidifies an existing operational relationship. Following a tender process, HOCHTIEF and its subsidiary Sedgman have been selected as the Engineering, Procurement, and Construction (EPC) contractor for Vulcan's flagship Lionheart project. This partnership is now further reinforced at the governance level with Gallardo's board membership.

Gallardo brings more than three decades of international infrastructure expertise to the role, with project experience spanning the Americas, Europe, and Australia. A civil engineer with a master's degree in urban planning, he has held director positions at listed companies in nine different countries. Governance observers may note his initial independence: at the time of his appointment, he holds no Vulcan shares and has no disclosed contractual interests in the company.

Lionheart Project Advances on Schedule

Development of the Lionheart project in the Upper Rhine Valley is progressing on multiple fronts. Work at the first drilling site, Schleidberg, has been completed. Core drilling at the second site, Trappelberg near Landau, is scheduled to commence in the second half of 2026. To accelerate the timeline, a second drilling rig is set to be mobilized. The project's foundation was bolstered in March 2026 by the granting of the LiThermEx production license for the Insheim geothermal area, securing the site for an initial six years. Vulcan Energy aims to extend this license to cover the project's full planned 30-year operational lifespan. The company's target for the commercial production of both lithium and energy from 2028 remains firmly in place.

Share Performance Lags Behind Operational Milestones

Despite these concrete operational advances, Vulcan Energy's shares have faced recent pressure. Trading recently at €2.04 in Europe, the stock has declined more than 21% since the start of the year and remains notably below its 200-day moving average. Market analysts attribute this weakness to a shift in sentiment; the initial euphoria surrounding the secured financing package has given way to a more measured assessment of project execution risks. As physical construction advances, focus is intensifying on cost control and adherence to the project schedule.

Investors will gain their next detailed look at the company's progress with the upcoming quarterly report, which is expected to provide updated cost structures and a precise drilling timetable. The Annual General Meeting is scheduled for May 28, 2026.