Vulcan Energy announced that it has signed a binding lithium offtake agreement with a wholly owned subsidiary of global resource giant Glencore, securing long-term supply of lithium hydroxide monohydrate (LHM) from its Phase One Lionheart Project. The project is expected to have an annual capacity of 24,000 tonnes of LHM, equivalent to the battery requirements of approximately 500,000 electric vehicles, and will also generate 275 GWh of power. Under the agreement, Vulcan will supply 36,000 to 44,000 tonnes of battery-grade LHM to Glencore over an initial eight-year term, representing around 20% of the company’s planned output during the period. The contract adopts a market-based pricing mechanism and includes standard conditions precedent as well as termination clauses in case of default. Vulcan aims to commence commercial production in 2028 and achieve product qualification in 2029. The addition of Glencore marks the completion of all offtake agreements required for Phase One financing—a key milestone for the project. Alongside Glencore, Stellantis, Umicore, and LG Energy Solution are already secured as Phase One offtake partners, covering automakers, battery manufacturers, cathode producers, and commodity traders, with a strong European focus. Vulcan is targeting to finalize its Phase One financing package and project agreements in Q4 2025, after which construction of the commercial plants will commence.