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.
Categories
Chemical substances
Countries
Companies
Latest news
Ercros reduces its CO2 emissions by 38% in 4 years
Chemmed Cluster Tarragona →Ercros reduced by 38% its greenhouse gas (GHG) emissions, direct and indirect from energy consumption, and by 9% its total emissions index.These improvements are the result, among others, of the ac...
Lyten to Acquire All Remaining Northvolt Assets in Sweden and Germany
Lyten, the global leader in lithium-sulfur batteries, announced today that it has entered into a binding agreement to acquire Northvolt’s remaining assets in Sweden and Germany.
Zero-Carbon Lithium: How Vulcan's Lionheart Project Is Revolutionizing Battery Production
Industriepark Höchst →The Vulcan Lionheart Project:with an integrated Geothermal and Lithium Extraction Plant in Landau and a Central Lithium Plant in the Höchst Industrial Park
EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery
This will be Eni's third biorefinery in Italy, after those in Venice and Gela Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibilit...