Northvolt will build a lithium processing plant with Portugal’s Gallup Energia with an investment of about 700 million euros ($789.6 million), as demand for lithium-ion batteries to power electric vehicles grows.
see photosNorthvolt said the plant will be Europe’s largest and will begin commercial operations in 2026.
Northvolt will build a lithium processing plant with Portugal’s Gallup Energia with an investment of about 700 million euros ($789.6 million), as demand for lithium-ion batteries to power electric vehicles grows.
The Swedish company said on Tuesday that a 50/50 owned joint venture – Aurora – will operate the plant, which will have an initial annual production capacity of up to 35,000 tonnes of lithium hydroxide, a key material for lithium-ion battery makers.
Northvolt, whose largest shareholder is Volkswagen, said the plant in Portugal would be Europe’s largest and would begin commercial operations in 2026.
It was estimated that 1,500 jobs would be created, while a decision was still pending on the location of the plant and the amount of the final investment.
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 said in a statement.
The plant will be able to deliver enough lithium hydroxide for 50 gigawatt hours of battery production per year, with Northvolt using up to 50% of the plant’s capacity to manufacture its batteries.
While China is still home to 80% of global lithium-ion cell production, Northvolt aims to take on major Asian players such as CATL and LG Chem.
“It is important to expand the new European value chain to include raw materials,” said Paolo Cerutti, co-founder of Northvolt.
More than half of the world’s lithium is used to make rechargeable batteries, which are also used in mobile phones and laptops.
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