This is a fin-stabilized projectile and is essentially the OTO-Melara competitor to ERGM and BTERM, but the initial version does not use rocket boost and will be unguided. Greater range is to be achieved by increasing the muzzle velocity, which may reduce the barrel life. OTO-Melara states that Vulcano can be used by both Compact and LW mountings. Rounds will be sub-caliber with a sabot.

As of July 2011, OTO-Melara plans three versions of this munition. Using the standard 54 caliber barrel, these will be of the following types and ranges:

Using the new 64 caliber barrel will increase these ranges by approximately 20 percent.

The Italian Army has decided to participate in the development of these munitions with the result that 155 mm versions will also be produced for the first and third variation. The main difference in the land versions, apart from the caliber, is the propelling charge configuration which has been specifically designed for compatibility with the PzH2000's loading system.

Rounds with GPS and INS guidance are expected to achieve a CEP of less than 66 feet (20 m). The NSFS and 155 mm munitions will include a laser-seeker.

According to Oto-Melara, the Vulcano program intends to provide warships with the capability to perform long-range precision bombardment against area targets with a radius of more than 250 meters (such as a tank company or a logistics installation), against point targets with a radius of around 100 meters (a brigade command post), and against precision targets (10-meter radius) such as bunkers or vehicles.

For this mode, Vulcano rounds will start a GPS/IMU (inertial measurement units)-controlled glide 60 sec. after firing, when they are 50 km. downrange and at the 18-km. apogee of their ballistic trajectories. They will perform a GPS/IMU-controlled terminal top-attack when above the target. The glide phase will typically last 140-230 sec.; the terminal attack phase 10 sec.

Oto-Melara also plans to equip a Vulcano variant with an infrared terminal seeker, providing long-range, precise anti-surface warfare capability against naval targets, including small fast-patrol boats. In this version, the Vulcano round starts looking for the target when overhead at an altitude of 2,500 meters (8,200 ft.). In both modes, the rounds carry a pre-fragmented semi-armor-piercing warhead.

System design requirements include a maximum effective range of 70 km. for the unguided munition, 100 km. for guided munitions fired from the 54-caliber gun, and 120 km. for guided munitions fired from the 64-caliber gun. Accuracy is said to be better than 20 meters; payload performance is designed to deliver 100 kg. (220 lb.)/min. over a 1-hr. sustained period, 200 kg./min. over a 3-min. period and 300 kg./min. over a 10-sec. salvo.

The Vulcano concept is based on a fin-stabilized projectile without rocket assistance. Range enhancement is achieved by greater muzzle velocity and improved aerodynamics compared with a full-caliber shell, Oto-Melara says. The Vulcano rounds will be compatible with existing loading systems (although the 127-mm./54-caliber Compact operated by the Dutch and the in-service Italian ships need minor modifications).

So far, live-firing tests show that the airframes designed for the Vulcano extended and long-range rounds create no anomalous wave pressures and have "good average muzzle velocity" of 1,070 meters/sec., Oto-Melara claims. Ranges of more than 48 km., with the apogee point at a range of 27.5 km. and an altitude of 10,500 meters (34,500 ft.), were achieved using a gun elevation of 33.5 deg. Wind-tunnel tests in Germany in 2006 looked at two designs for the canards that are used to control the round in its terminal phase, and tested the control actuation section under realistic pressure conditions.

In November 2011, OTO-Melara announced that the unguided ballistic version (BLR) would complete flight testing in 2013 with service introduction following in 2014. The guided round (GLR) is to complete flight testing in 2014 with service introduction planned for 2015. OTO-Melara also announced that a 76 mm version is now being planned.