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
Symrise starts production unit in Granada enabling a more secure and sustainable supply of Hydrolite® 5 green
Symrise announces the opening of a new production unit at its facility in Granada, Spain. The plant is dedicated to Hydrolite® 5 green, the high-quality, biobased pentylene glycol from its Cosmetic...
Exolum to Drive Transition Towards Sustainable Fuels at Düsseldorf Airport with €70 Million Investment
The company will build and operate for 20 years a new storage and distribution plant at Düsseldorf Airport, Germany’s fourth largest, connected to the railway network to reduce road transport and C...
Green Light for LyondellBasell Pyrolysis Plant in Wesseling
LyondellBasell's plans for a new pyrolysis plant in Wesseling, Germany, are moving forward after the company received its first partial permit for construction.
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...