Galp drops plans to build Aurora lithium refinery in Portugal
Setubal - Portuguese energy company Galp (GALP.LS), said late on Tuesday it has dropped its plan to build the Aurora lithium refinery after it failed to find a new partner to replace Northvolt, a Swedish maker of batteries for electric vehicles.
Galp was left alone in early 2024, when Northvolt said it would not invest in the50-50 joint venture, opens new tab set up in November 2021 to build a lithium processing plant in Setubal, on Portugal's coast.
The project's investment was estimated at more than 1 billion euros ($1.05 billion).
The refinery, which was scheduled to start commercial operations in early 2026, was facing delays due to the complexity of the project and uncertainty about funding.
Low lithium prices following oversupply from China also made the project less attractive.
Northvolt, Europe's biggest hope for an electric vehicle battery champion, last week filed for U.S. Chapter 11 bankruptcy protection after talks with investors and creditors including Volkswagen and Goldman Sachs (GS.N), for funding failed.
Latest news
NEXTCHEM awarded a feasibility study by Mana Group and Equinor for the production of sustainable fuels in Norway leveraging its NX Circular™ technology
With the support of NEXTCHEM, Mana (NG Nordic) and Equinor are entering an early-stage strategic partnership to explore the potential development of the Nordics' first large-scale waste-to-methanol...
A circular economy pioneer
REMONDIS' Lippe Plant →Founded back in 1991, RETERRA has transformed itself from a regional composting business into a nationwide biomass management specialist.
ECLUSE Scheldt Tunnel Completed: Belgium’s longest microtunnel is now a reality
Port Of Antwerp →Work on extending the ECLUSE steam network from the left to the right bank of the Scheldt has reached a major milestone. The tunnel that will carry the pipelines beneath the river has now been comp...
PureCycle Receives REACH Certification, Unlocking EU Sales of PureFive™ Resin
Port Of Antwerp →PureCycle Technologies has received the REACH Certificate of Compliance, allowing the Company to sell PureFive™ resin to customers in the European Union. PureCycle has plans to build its first Euro...
