Northvolt will construct a lithium processing plant with Portugal’s Galp Energia with investments estimated at round 700 million euros ($789.6 million), as demand grows for lithium-ion batteries to energy electrical automobiles.
View PhotosNorthvolt stated the plant could be Europe’s largest and begin industrial operations in 2026.
Northvolt will construct a lithium processing plant with Portugal’s Galp Energia with investments estimated at round 700 million euros ($789.6 million), as demand grows for lithium-ion batteries to energy electrical automobiles.
A 50/50 owned three way partnership – Aurora – will function the plant which may have an preliminary annual manufacturing capability of as much as 35,000 tons of lithium hydroxide, a key materials for lithium-ion battery makers, the Swedish firm stated on Tuesday.
Northvolt, whose largest shareholder is Volkswagen, stated the plant, situated in Portugal, could be Europe’s largest and begin industrial operations in 2026.
It estimated that 1,500 jobs could be created, whereas a choice on the plant’s location and on the quantity of the ultimate funding was nonetheless due.
Over half of the world’s lithium is used to make rechargeable batteries
“The joint venture is currently conducting technical and economic studies and looking at several possible site locations”, Northvolt stated in a press release.
The plant will have the ability to ship sufficient lithium hydroxide for 50 gigawatt hours of battery manufacturing per 12 months, with Northvolt utilizing as much as 50% of the plant’s capability for its battery making.
While China continues to be residence to 80% of world lithium-ion cell manufacturing, Northvolt goals to tackle main Asian gamers equivalent to CATL and LG Chem.
“Extending the new European value chain upstream to include raw materials is of critical importance,” stated Northvolt co-founder Paolo Cerruti.
Over half of the world’s lithium is used to make rechargeable batteries, that are additionally utilized in cell phones and laptops.
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