Swedish battery startup Northvolt and oil company Galp have agreed to build a €700 million lithium hydroxide plant in Portugal, in a move that would increase Europe’s processing capacity and reduce the auto industry's reliance on China.
The companies said the plant would have a capacity to produce up to 35,000 tonnes of battery grade lithium hydroxide a year, which would be enough for around 700,000 electric vehicles. It would start operations in 2026.
The world’s largest automakers and battery producers are increasingly making investments further upstream in the battery supply chain, as they look . . .