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Northvolt Venture Plans €700 Million Lithium-Conversion Plant in Portugal

  • Energy company, Swedish startup to pick location in Portugal
  • Site to make enough lithium hydroxide for 700,000 EVs a year
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Swedish battery startup Northvolt AB and energy firm Galp Energia SGPS SA plan to develop a lithium-conversion plant in Portugal to supply the region’s growing electric-vehicle industry.

The companies said Tuesday they’ll set up a joint venture with the goal to build a facility with an annual production capacity of 35,000 metric tons of lithium hydroxide -- enough to supply around 700,000 EVs. Northvolt would get half of that for its battery production.