Northvolt will construct a lithium processing plant with Portugal’s Gallup Energia with an funding of about 700 million euros ($789.6 million), as demand for lithium-ion batteries to energy electrical autos grows.
see imagesNorthvolt stated the plant will probably be Europe’s largest and can start business operations in 2026.
Northvolt will construct a lithium processing plant with Portugal’s Gallup Energia with an funding of about 700 million euros ($789.6 million), as demand for lithium-ion batteries to energy electrical autos grows.
The Swedish firm stated Tuesday {that a} 50/50-owned three way partnership – Aurora – will function the plant, which can have an preliminary annual manufacturing capability of as much as 35,000 tonnes of lithium hydroxide, a key materials for lithium-ion battery makers.
Northvolt, whose largest shareholder is Volkswagen, stated the plant in Portugal could be Europe’s largest and would start business operations in 2026.
It was estimated that 1,500 jobs could be created, whereas a choice was nonetheless pending on the placement of the plant and the quantity of the ultimate funding.
More than half of the world’s lithium is used to make rechargeable batteries
“The joint venture is currently conducting technical and economic studies and is looking at several potential site locations,” Northvolt stated in a press release.
The plant will be capable of ship sufficient lithium hydroxide for 50 gigawatt hours of battery manufacturing per yr, with Northvolt utilizing as much as 50% of the plant’s capability to fabricate its batteries.
While China remains to be residence to 80% of worldwide lithium-ion cell manufacturing, Northvolt goals to tackle main Asian gamers similar to CATL and LG Chem.
“It is important to expand the new European value chain to include raw materials,” stated Paolo Cerutti, co-founder of Northvolt.
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More than half of the world’s lithium is used to make rechargeable batteries, that are additionally utilized in cellphones and laptops.
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With inputs from NDTV
