Galp, Northvolt to build lithium plant in Portugal
- Portuguese utility Galp Energia and also Swedish battery manufacturer Northvolt stated Tuesday that they were joining forces to integrate in Portugal one of Europe's very first lithium conversion plants at a price of 700 million euros ($790 million).
The center will produce approximately 35,000 tonnes of lithium hydroxide annually, the amount required to make batteries for 700,000 electric vehicles, both firms stated in a statement.
"Galp as well as Northvolt have actually consented to establish a joint firm, Aurora, that aims to become a tipping stone for the growth of an integrated lithium-battery value-chain," the statement said.
Portugal has several of the biggest gets of lithium in Europe and also the eighth-biggest in the world, claimed Galp chief, Andy Brown.
Lithium hydroxide is a crucial product for the lithium-ion battery manufacturing sector, which is expected to grow greater than 10-fold by the end of the decade.
A separate project to mine lithium in Portugal still requires the consent from ecological authorities as well as has raised the hackles of residents and green advocates.
Complying with a variety of hold-ups, the global tender for mining and also extraction rights will not be released up until after a breeze basic election on January 30, stated setting minister Joao Pedro Matos Fernandes.
In other places in Europe, Canadian group Rock Tech Lithium has actually already announced plans to spend 470 million euros in the building and construction of a lithium plant in Germany from 2024.
Formerly a state-owned oil firm, Galp Energia has actually diversified right into the electric field and also right into decarbonated hydrogen.
Northvolt, whose investors consist of vehicle giants Volkswagen and also BMW, has likewise teamed up with Volvo in electric flexibility projects.