Electric-Rig Direct Lithium Extraction From Geothermal Brine: The Economics of Vercana Versus Ormat Vulcan Energy Resources is pursuing an integrated model that combines geothermal drilling, direct lithium extraction, renewable electricity and industrial heat. Through its Vercana subsidiary, the company is also using electric drilling equipment designed to support the development of its Lionheart project in Germany’s Upper Rhine Valley. The approach differs from the conventional geothermal model represented by Ormat Technologies, whose core business remains geothermal power generation, equipment, project development and energy storage rather than commercial lithium recovery from geothermal brine. The economic question is broader than whether an electric drilling rig costs less to operate than a diesel rig. The more important issue is whether electric drilling, geothermal energy and direct lithium extraction can create a more valuable integrated project than a conventional geotherm...
Electric-Rig Direct Lithium Extraction From Geothermal Brine: The Economics of Vercana Versus Ormat
Vulcan Energy Resources is pursuing an integrated model that combines geothermal drilling, direct lithium extraction, renewable electricity and industrial heat. Through its Vercana subsidiary, the company is also using electric drilling equipment designed to support the development of its Lionheart project in Germany’s Upper Rhine Valley. The approach differs from the conventional geothermal model represented by Ormat Technologies, whose core business remains geothermal power generation, equipment, project development and energy storage rather than commercial lithium recovery from geothermal brine.
The economic question is broader than whether an electric drilling rig costs less to operate than a diesel rig. The more important issue is whether electric drilling, geothermal energy and direct lithium extraction can create a more valuable integrated project than a conventional geothermal development that uses brine mainly to generate electricity before reinjecting it.
Vercana’s model is based on four connected sources of value:
- Lower direct diesel consumption during drilling.
- Reduced drilling emissions and potentially lower exposure to fuel-price volatility.
- Recovery of lithium from geothermal brine through direct lithium extraction.
- Production and sale of geothermal electricity and heat.
Vulcan’s Phase One Lionheart project targets approximately 24,000 tonnes per year of lithium hydroxide monohydrate, together with 275 GWh of renewable electricity and 560 GWh of heat capacity annually. The company intends to recover lithium from hot geothermal brine, convert it into battery-grade lithium hydroxide and reinject the processed brine into the reservoir.
This creates a multi-product business rather than a conventional geothermal power project. A traditional geothermal operator usually earns revenue from electricity, capacity payments, renewable-energy certificates or equipment sales. A geothermal-lithium developer adds a chemical product with potentially much higher value per unit of brine.
However, the integrated model also carries additional risks. It combines subsurface exploration, drilling, geothermal operations, DLE, chemical conversion, heat sales and battery-materials marketing. If any one of these systems underperforms, the financial returns can weaken.
What Is Vercana?
Vercana is Vulcan Energy’s wholly owned geothermal drilling subsidiary. Its purpose is to provide in-house well-execution capabilities for Vulcan’s geothermal-lithium projects rather than relying entirely on external drilling contractors. Vulcan mobilised its V20 electric drilling rig to the Schleidberg well site near Landau, Germany, for the Phase One Lionheart project.
The V20 is a 2,500-horsepower electric drilling rig with a 550-tonne hook-load capacity and a 7,500-psi fluid-pressure system. Vulcan has also identified a smaller V10 electric rig for additional well sites.
Owning an internal drilling company can create several economic benefits. Vulcan can coordinate rig mobilisation with its own wellfield schedule, retain drilling knowledge, standardise procedures and reduce dependence on contractor availability. It can also align drilling decisions directly with the requirements of the geothermal reservoir and the DLE plant.
Yet vertical integration does not automatically mean lower costs. Vercana must pay for rig acquisition or refurbishment, maintenance, specialist employees, insurance, spare parts, electrical infrastructure and mobilisation. The equipment must also achieve high utilisation. If the rig sits idle between campaigns, the fixed cost per completed well increases.
How an Electric Geothermal Rig Operates
An electric drilling rig performs the same fundamental operations as a diesel-powered rig. It rotates the drill string, raises and lowers tubulars, circulates drilling fluid, powers pumps and manages the hoisting system. The principal difference is the source of energy.
Electric motors replace diesel engines or diesel-driven mechanical systems. Electricity may come from the local grid, a dedicated connection, renewable generation or a combination of sources.
The potential operational advantages include:
- Lower diesel consumption.
- Reduced fuel deliveries.
- Lower local exhaust emissions.
- Lower nitrogen oxide and particulate emissions.
- Potentially lower engine-maintenance costs.
- Reduced exposure to diesel-price volatility.
- Lower drilling noise in some operating conditions.
- Better compatibility with low-carbon project certification.
The electric system also creates new requirements. The drilling site may need a high-capacity grid connection, transformers, switchgear, high-voltage protection, power-quality controls and specialised electrical maintenance.
Electric drilling therefore does not eliminate operational complexity. It changes the complexity from fuel logistics and diesel-engine maintenance toward grid management and high-voltage equipment management.
The V20’s Economic Role
The V20 is not the source of most of the potential value in Vulcan’s project. Its importance lies in enabling the wellfield that supplies the geothermal-lithium system.
A geothermal lithium project cannot operate without productive wells. The wells must deliver adequate volumes of hot brine with sufficient lithium concentration. They must also maintain pressure and flow over time while allowing the processed brine to be reinjected safely.
The electric rig can influence project economics in several ways.
First, it can lower fuel consumption. Large drilling rigs may operate continuously for extended periods, making fuel costs a material expense. Replacing diesel with electricity can reduce direct fuel exposure, particularly where grid electricity is competitively priced.
Second, the electric rig can improve local environmental performance. This may help a project operating near communities, industrial areas or residential districts. Lower exhaust emissions and reduced fuel transport can improve the permitting and community-acceptance position.
Third, the electric system may reduce some maintenance costs because electric motors generally contain fewer moving parts than diesel engines. However, this benefit should not be overstated. High-voltage equipment, variable-frequency drives, transformers and cooling systems also require maintenance.
Fourth, the V20 may help Vulcan control drilling schedules. Delays in geothermal drilling can postpone the start of both electricity production and lithium production. Internal control over the rig may reduce dependence on third-party contractor availability.
Electricity Versus Diesel Costs
The direct energy economics depend on the price of electricity, the price of diesel and the rig’s power demand.
A diesel rig can operate in remote areas without a permanent grid connection. This provides flexibility, although fuel must be delivered, stored and managed on site. A grid-connected electric rig requires electrical infrastructure, but once the connection is available, fuel logistics may be simplified.
An electric rig is most economically attractive when the drilling site is close to a reliable and competitively priced grid. Vulcan’s Upper Rhine Valley project benefits from being located in an industrial region with established energy infrastructure. This is different from remote geothermal developments where grid connections may be expensive or unavailable.
The financial comparison should include more than the headline energy price. Developers should evaluate:
- Electricity consumption per drilling day.
- Diesel consumption per drilling day.
- Grid-connection cost.
- Temporary power infrastructure.
- Electricity demand charges.
- Diesel transportation and storage costs.
- Generator rental costs.
- Maintenance costs.
- Carbon charges.
- Rig utilisation.
- Downtime caused by power interruptions.
- Cost of upgrading the local electrical network.
Electricity can be cheaper on an energy-equivalent basis, but a high-capacity connection may require major upfront investment. The electric rig’s advantage becomes stronger when the same infrastructure supports the wider geothermal and lithium-processing facility.
Emissions and Carbon Value
The environmental value of electric drilling depends on the source of electricity. A grid supplied primarily by coal may deliver a smaller emissions advantage than renewable electricity. An electric rig supplied by a low-carbon grid or renewable project can materially reduce direct drilling emissions.
For Vulcan, the electric-rig strategy supports the company’s broader objective of producing low-carbon lithium and renewable energy. The Lionheart project is designed to produce lithium hydroxide, electricity and heat from geothermal brine, while its lithium process is intended to be fully electrified.
Electric drilling may also reduce the project’s local environmental footprint. Lower diesel exhaust can be important where drilling occurs near populated areas. Reduced fuel deliveries can limit road traffic, spill risk and storage requirements.
However, electric drilling does not make the entire project emissions-free. Lifecycle emissions remain associated with steel, cement, casing, drilling fluids, chemicals, DLE equipment, transport, construction and grid electricity.
The correct economic conclusion is that electric drilling can reduce emissions intensity and improve the project’s environmental profile. It should not be treated as a complete solution to the carbon footprint of geothermal lithium production.
Vulcan’s integrated model involves several linked stages.
Resource appraisal
The company must identify a geothermal reservoir with adequate temperature, pressure, permeability, flow rate and lithium concentration. A resource can be hot but commercially unattractive if wells do not produce sufficient flow.
Production drilling
Production wells bring hot brine to the surface. The cost of these wells is influenced by depth, geology, casing requirements, drilling duration, lost circulation, high-temperature conditions and well-completion requirements.
Heat recovery
The hot brine carries thermal energy. That heat can be used for electricity generation, district heating or industrial processes.
The brine passes through a DLE system designed to selectively capture lithium while allowing most other dissolved substances to remain in the fluid.
Lithium conversion
The extracted lithium solution must be converted into a saleable product, such as lithium hydroxide monohydrate. Producing lithium chloride is not the same as producing battery-grade lithium hydroxide.
Reinjection
After heat and lithium have been recovered, the brine is reinjected into the geothermal reservoir. Reinjection is necessary for reservoir management and for maintaining the long-term operation of the system.
Product sales
Revenue may come from lithium hydroxide, electricity, district heating, industrial heat and potentially environmental attributes.
The system is economically attractive because it can obtain several products from the same brine stream. It is operationally challenging because the different processes must function continuously and in coordination.
Why Lithium Changes Project Economics
Conventional geothermal projects usually depend heavily on electricity revenue. That can create a relatively simple business model, but the amount of revenue per well may be limited by the electricity market.
Lithium extraction adds a potentially higher-value product. Geothermal brine may contain lithium at commercially relevant concentrations, but concentration alone does not determine viability.
The important technical and economic variables include:
- Lithium concentration.
- Brine flow rate.
- DLE recovery rate.
- DLE selectivity.
- Impurity concentration.
- Media capacity.
- Cycle time.
- Reagent consumption.
- Product purity.
- Energy use.
- Water consumption.
- Reinjection performance.
- Lithium hydroxide price.
A brine with a high lithium concentration may still be difficult to process if it contains substantial quantities of magnesium, calcium, silica or other impurities. These substances can interfere with adsorption, ion exchange, filtration, conversion and reinjection.
Conversely, a resource with moderate lithium concentration may be viable if it delivers very high flow rates, has low impurity levels and is located close to existing infrastructure.
Vulcan’s Published Project Economics
Vulcan’s published project materials provide a basis for evaluating the integrated model. Recent company information describes the Phase One Lionheart project as a €2.2 billion development with targeted production of approximately 24,000 tonnes of lithium hydroxide monohydrate annually, alongside 275 GWh of renewable electricity and 560 GWh of heat capacity over an estimated 30-year project life.
Earlier project materials and investor information cited Phase One capital expenditure of approximately €1.476 billion and C1 production costs of approximately €3,588 per tonne of lithium hydroxide monohydrate.
These figures should be treated as project estimates rather than guaranteed operating results. Final capital expenditure may change as engineering, procurement and construction progress. Operating costs may also be affected by energy prices, chemical consumption, production rates, financing conditions and maintenance requirements.
A simple revenue calculation illustrates the scale of the lithium business. If the project produces 24,000 tonnes per year and achieves a realised price of €20,456 per tonne, annual lithium revenue would be approximately:
$$
24,000 \times €20,456 = €491 million
$$
This excludes electricity and heat revenue. It also assumes full nameplate production and does not account for ramp-up, taxes, royalties, transport, financing or price adjustments.
The calculation nevertheless shows why lithium can transform the economics of a geothermal project. Electricity and heat provide additional revenue and can also reduce the amount of external energy that the project must purchase.
The Value of Geothermal Heat
Geothermal heat can benefit the lithium process in two ways.
First, heat can be sold to external customers. District-heating networks, municipalities and industrial users may purchase renewable heat under long-term contracts.
Second, heat can be used internally. Lithium extraction and conversion processes may require thermal energy. Using geothermal heat reduces the need to burn natural gas or purchase electricity for heating.
This internal energy supply can lower operating costs and emissions. It also distinguishes geothermal lithium from some conventional lithium-processing routes that require substantial external energy.
The value of heat depends on local demand. A project located near a large industrial or urban heat market can monetise more of its thermal output. A project in a remote region may have to reject heat or invest heavily in transmission infrastructure.
Heat sales can also be seasonal. District-heating demand may be highest during winter, while geothermal production remains relatively constant throughout the year. The project may therefore require storage, flexible operations or a combination of customers.
Direct Lithium Extraction Costs
DLE has a different cost profile from conventional hard-rock mining and evaporation-pond production.
Capital costs may include:
- Production wells.
- Reinjection wells.
- Brine pipelines.
- Heat exchangers.
- Pumps.
- Filtration systems.
- Adsorption or ion-exchange units.
- DLE media.
- Chemical storage.
- Water-treatment systems.
- Lithium-conversion equipment.
- Product drying and packaging.
- Control systems.
- Laboratories.
- Waste-management infrastructure.
- Electrical connections.
- Heat-delivery systems.
Operating costs may include:
- Electricity.
- Reagents.
- Water.
- DLE-media replacement.
- Pumping.
- Labour.
- Maintenance.
- Product conversion.
- Brine treatment.
- Waste management.
- Monitoring.
- Reinjection.
- Logistics.
The economic benefit of DLE is that it can process a continuous brine stream without relying on large evaporation ponds. However, DLE plants must operate reliably and maintain extraction performance over many years.
A laboratory process may produce attractive results under controlled conditions. Commercial success requires continuous operation with real brine, fluctuating temperatures, changing impurity levels and industrial-scale equipment.
Comparing Vercana With Ormat
Ormat is a useful comparison because it is vertically integrated across geothermal exploration, drilling, equipment, project development, ownership and operations. Its business has been built around geothermal electricity and related energy services rather than primarily around lithium production.
Ormat’s 2025 results show the scale of its established business. The company reported full-year revenue of nearly $1 billion, including electricity, product and energy-storage revenue. Its latest corporate disclosures emphasise geothermal generation, product sales, energy storage and long-term power purchase agreements.
The difference between the companies is therefore strategic.
Vulcan is attempting to design a new integrated resource platform in which geothermal brine is simultaneously an energy carrier and a lithium feedstock.
Ormat’s established model is primarily based on converting geothermal heat into electricity, selling geothermal equipment and operating renewable-energy assets.
This does not mean Ormat is unaware of the mineral content of geothermal brine. Geothermal brines can contain lithium and other minerals, and geothermal operations must manage scaling, corrosion and dissolved substances. The more precise conclusion is that lithium extraction has not been the central commercial pillar of Ormat’s publicly presented business model.
Why Ormat May Not Extract Lithium
Ormat may have several rational reasons to remain focused on power generation.
The first is competence. Ormat has decades of experience designing, manufacturing, developing and operating geothermal power systems. DLE requires chemical-processing expertise, product-quality control, lithium conversion and battery-market relationships.
The second is capital allocation. Adding a DLE plant requires substantial capital and increases project complexity. If the power project already generates attractive returns, the company may prefer to avoid additional mineral-processing risk.
The third is resource variability. Not every geothermal reservoir contains commercially recoverable lithium. Some resources may have low concentration, poor flow rates or high levels of impurities.
The fourth is market exposure. Electricity projects can secure long-term PPAs, providing revenue visibility. Lithium prices are cyclical and can decline sharply during periods of oversupply.
The fifth is operational focus. A geothermal operator may prefer to partner with a specialised DLE company rather than develop its own technology.
This means conventional geothermal companies may leave lithium value in the brine even when extraction is technically possible. The decision may reflect risk-adjusted returns rather than a failure to recognise the opportunity.
The Opportunity Cost of Reinjection
When a conventional geothermal plant extracts heat and reinjects the brine without recovering lithium, it may be foregoing an additional revenue stream.
The scale of this opportunity depends on the resource. If lithium concentration is low, the foregone value may be negligible. If lithium concentration and flow rates are high, the opportunity cost can be substantial.
The potential advantages of extracting lithium include:
- Greater revenue per unit of brine.
- Diversification away from electricity prices.
- Improved economics for marginal geothermal resources.
- Stronger project financing potential.
- Additional strategic value from existing wells.
- Access to battery-materials markets.
- Potential support from critical-mineral policies.
The disadvantages include:
- Higher capital expenditure.
- More complex operations.
- Exposure to lithium prices.
- DLE performance risk.
- Additional permitting.
- Greater chemical use.
- Product-quality requirements.
- More complicated financing.
A conventional operator should therefore assess lithium as a separate investment case rather than assume that every geothermal brine stream is automatically suitable for DLE.
Drilling Risk in the Integrated Model
Electric drilling can reduce fuel-related costs, but it does not eliminate geological or well-construction risks.
A well may fail to meet expectations because of:
- Lower-than-expected temperature.
- Insufficient permeability.
- Poor fracture connectivity.
- Low flow rate.
- Lost circulation.
- Formation instability.
- Casing damage.
- Cementing problems.
- Scaling.
- Corrosion.
- Unsustainable reinjection.
- Unexpected pressure behaviour.
In a conventional geothermal power project, an underperforming well may still provide some electricity if it delivers sufficient heat and flow.
In a geothermal-lithium project, the well must also provide brine with the right chemistry and flow characteristics for the DLE facility. A well can therefore be technically productive but economically unsuitable for the lithium plant.
The financial impact can be significant because the DLE plant may continue to incur fixed costs even when brine supply is below design capacity.
Rig Utilisation and Capital Recovery
Vercana’s economic advantage depends on the utilisation of its electric rigs.
A rig that drills continuously across multiple well sites can spread its capital cost over many wells. This may lower the average drilling cost and improve schedule control.
A rig that remains idle between campaigns creates several problems. Depreciation continues, employees and maintenance costs remain payable and the cost per completed well rises.
Vercana may eventually use its rigs on other geothermal projects or offer drilling services to third parties. However, external contracting would introduce new commercial and operational obligations.
Rig utilisation should therefore be evaluated alongside:
- Number of planned wells.
- Average drilling duration.
- Rig mobilisation time.
- Well depth.
- Maintenance intervals.
- Availability of drilling crews.
- Seasonal restrictions.
- Delays caused by permitting.
- Availability of future project sites.
The electric rig is most valuable when it becomes part of a long-term drilling programme rather than a one-off equipment purchase.
Electric Rig Versus Conventional Diesel Rig
The comparison should include both financial and non-financial factors.
An electric rig may have lower direct emissions, lower fuel logistics costs and potentially lower engine-maintenance costs. It may also be better suited to drilling near communities and industrial areas.
A diesel rig may offer greater mobility and independence from the grid. It may be easier to deploy in remote regions and may avoid the initial cost of building high-capacity electrical infrastructure.
The relative economics depend on location. In the Upper Rhine Valley, grid access and industrial infrastructure improve the case for electric drilling. In a remote geothermal province, diesel or hybrid systems may remain more practical.
Hybrid systems could also become important. A rig may use grid electricity where available, battery systems for short-term load management and backup generators during outages. This would combine some of the flexibility of diesel equipment with the emissions advantages of electrification.
Lithium-Price Sensitivity
The economics of geothermal lithium are highly sensitive to the realised price of lithium hydroxide.
At full production of 24,000 tonnes per year, annual lithium revenue would be approximately:
- €120 million at €5,000 per tonne.
- €240 million at €10,000 per tonne.
- €360 million at €15,000 per tonne.
- Approximately €491 million at €20,456 per tonne.
- €600 million at €25,000 per tonne.
These are simplified calculations. They exclude electricity and heat revenue, operating expenses, taxes, royalties, transport, financing, price adjustments and production losses.
The calculations demonstrate the importance of price risk. A project with a production cost near €3,588 per tonne may be strongly profitable at high prices, but margins can narrow if prices decline toward the cost base.
Long-term offtake agreements can reduce this risk, but they may also limit upside if market prices rise. Battery and automotive customers may value low-carbon supply, but the size of any premium must be demonstrated rather than assumed.
Power and Heat Revenue
Vulcan’s project is designed to produce electricity and heat alongside lithium. This creates a diversified revenue profile.
Electricity can be sold through PPAs or into power markets. Heat can be sold to municipalities, district-heating networks or industrial customers. Some electricity and heat may instead be consumed internally by the DLE and lithium-conversion facilities.
Internal energy use creates a form of cost avoidance. The project does not need to purchase the same amount of external electricity or gas. However, internal consumption also has an opportunity cost because energy used by the lithium process cannot be sold to external customers.
Project optimisation should therefore consider the total value of each unit of geothermal energy. The best use may vary according to lithium prices, electricity prices, heat demand and plant availability.
Risk Comparison With Ormat
Vulcan’s integrated model has more potential revenue but also more technical and commercial risk.
The main risks include:
- Geothermal reservoir underperformance.
- Drilling cost overruns.
- DLE recovery below target.
- High impurity levels.
- DLE-media degradation.
- Lithium-conversion problems.
- Product-quality failure.
- Lithium-price declines.
- Electricity and heat offtake uncertainty.
- Construction delays.
- Financing pressure.
- Reinjection problems.
Ormat’s conventional power-focused model has fewer lithium-processing risks. Its main risks are more familiar to infrastructure investors:
- Exploration and drilling risk.
- Reservoir decline.
- Construction cost inflation.
- Power-price exposure.
- PPA risk.
- Transmission constraints.
- Equipment failure.
- Permitting delays.
- Scaling and corrosion.
- Financing costs.
This does not make Ormat’s model risk-free. It means that the risk profile is more concentrated in geothermal operations and power markets rather than divided across geothermal, chemical and battery-materials markets.
The Partnership Alternative
The most likely industry structure may be neither complete vertical integration nor complete separation. Geothermal operators may partner with DLE specialists.
Under a partnership model, the geothermal company could provide:
- Resource assessment.
- Production wells.
- Reinjection wells.
- Power-generation facilities.
- Brine handling.
- Reservoir management.
- Site infrastructure.
The DLE company could provide:
- Extraction technology.
- Process design.
- DLE media.
- Operating expertise.
- Lithium-recovery guarantees.
- Product-quality systems.
A chemical partner could handle lithium hydroxide conversion, while an automotive or battery company could provide offtake support.
This approach allows geothermal operators to monetise lithium without developing every part of the value chain internally. It may also help distribute capital requirements and technical risk.
Several geothermal-lithium projects in the Salton Sea region demonstrate the growing interest in partnerships between geothermal operators, lithium-technology companies and industrial customers. Publicly identified participants include Controlled Thermal Resources, EnergySource Minerals, Berkshire Hathaway Energy Renewables, Oxy and TerraLithium.
Investors should look beyond headline production capacity and examine the technical evidence behind the project.
Important questions include:
- What lithium concentrations have been measured across multiple wells?
- Are the concentrations stable over time?
- What flow rates have been demonstrated?
- What DLE recovery rate has been achieved with actual brine?
- What is the lithium product purity?
- How frequently must DLE media be replaced?
- What are the reagent requirements?
- What is the energy consumption per tonne?
- What is the well cost per metre?
- How many drilling days are required per well?
- How often will the electric rigs be used?
- What is the cost of grid connection?
- How much electricity is consumed internally?
- How much heat has been contracted?
- Are lithium offtake agreements binding?
- What happens if lithium prices fall?
- What happens if production reaches only 70% of capacity?
- What is the capital-cost contingency?
- How will the project be financed?
- Can the reservoir sustain reinjection for decades?
A credible project should provide sensitivity analysis for lower lithium concentration, lower recovery rates, lower flow rates, higher drilling costs, higher chemical costs and lower product prices.
Final Assessment
Vercana’s electric-drilling strategy is important because it supports a wider integrated business model. The electric rig can reduce diesel consumption, emissions and fuel logistics, but the principal value comes from combining geothermal heat, renewable electricity, lithium extraction and industrial heat sales.
Vulcan’s Lionheart project targets approximately 24,000 tonnes per year of lithium hydroxide monohydrate, 275 GWh of renewable electricity and 560 GWh of heat capacity. Recent company information describes the project as a large integrated development with an estimated 30-year operating life.
The Vercana model offers higher potential value than a conventional geothermal project because it seeks to monetise the brine three times: as lithium feedstock, as an electricity source and as a heat source.
Ormat’s model remains more familiar and operationally focused. The company has a mature geothermal platform centred on power generation, equipment, project development and energy storage. Its public business model does not currently place lithium recovery at the same centre as Vulcan’s strategy.
The conventional model may be superior when the reservoir has strong electricity potential but inadequate lithium concentration, high impurities or uncertain DLE economics. The integrated model may be superior when the resource has high lithium concentration, reliable flow rates, low impurities, strong reinjection performance and access to electricity and heat customers.
The most important conclusion is that electric drilling alone will not determine project success. The decisive factors will be well productivity, DLE recovery, lithium-conversion performance, capital discipline, product pricing and the ability to sell electricity and heat.
If Vulcan can execute all of these components successfully, Vercana’s electric-rig platform could become an important part of a new geothermal business model in which the value of a project is measured not only by megawatts produced, but also by the quantity of battery-grade lithium and renewable heat recovered from the same geothermal brine.
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