GLPEY Scraps Lithium Refinery Project Following Northvolt's Withdrawal

Zacks11-29

Galp Energia SGPS SA GLPEY, a Portuguese energy firm, has scrapped its plans to build the Aurora lithium refinery on the Portuguese coast in Setubal. The decision followed its failure in finding a ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2487569965?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/tiaJsMuJzZv8WNK420OazA--~B/aD00MTM7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/147f73c8f3dda1b37c6f7183f1874ec0","is_english":true,"pubTime":"2024-11-29 22:32","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2487569965","market":"us","top_or_hot":-1,"title":"GLPEY Scraps Lithium Refinery Project Following Northvolt's Withdrawal","media":"Zacks","content":"<div>\n<p>Galp Energia SGPS SA GLPEY, a Portuguese energy firm, has scrapped its plans to build the Aurora lithium refinery on the Portuguese coast in Setubal. The decision followed its failure in finding a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/glpey-scraps-lithium-refinery-project-143200444.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GLPEY Scraps Lithium Refinery Project Following Northvolt's Withdrawal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGLPEY Scraps Lithium Refinery Project Following Northvolt's Withdrawal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-29 22:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/glpey-scraps-lithium-refinery-project-143200444.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Galp Energia SGPS SA GLPEY, a Portuguese energy firm, has scrapped its plans to build the Aurora lithium refinery on the Portuguese coast in Setubal. The decision followed its failure in finding a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/glpey-scraps-lithium-refinery-project-143200444.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ACB","symbol_name":"奥罗拉大麻公司","start_time":0,"source_url":"https://finance.yahoo.com/news/glpey-scraps-lithium-refinery-project-143200444.html","article_id":"2487569965","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/tiaJsMuJzZv8WNK420OazA--~B/aD00MTM7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/147f73c8f3dda1b37c6f7183f1874ec0"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2487569965","pubTimestamp":1732890720,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Galp Energia SGPS SA GLPEY, a Portuguese energy firm, has scrapped its plans to build the Aurora lithium refinery on the Portuguese coast in Setubal. The decision followed its failure in finding a partner to invest in the project after its previous partner in the venture, Northvolt AB, decided to quit.Northvolt AB, a Swedish battery developer and manufacturer, and Galp Energia had formed a 50-50 joint venture in 2021 to develop the lithium processing facility. However, at the beginning of 2024, Northvolt announced that it would not invest in the venture, leaving Galp stranded without a partner. The total investment required for the project is estimated to exceed 1 billion.However, the inability to secure a new partner to replace Northvolt AB, coupled with downward pressure on lithium prices due to an oversupply from the Chinese market, rendered the project quite unattractive. The Aurora lithium refinery was intended to produce lithium hydroxide, a key component for lithium-ion batterie","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ACB":"奥罗拉大麻公司","BK4201":"综合性石油与天然气企业","BK4096":"电气部件与设备","SND":"Smart Sand Inc.","BK4007":"制药","FCEL":"燃料电池能源","GLPEF":"Galp Energia, SA","GLPEY":"Galp Energia, SA","BK4557":"大麻股","NINE":"Nine Energy Service Inc.","BK4541":"氢能源","BK4179":"石油天然气设备与服务"},"translate_title":"Northvolt退出后，GLPEY放弃锂精炼厂项目","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GLPEY":1,"NINE":1,"SND":1,"FCEL":0.9,"GLPEF":0.9,"ACB":0.64},"content_text":"Galp Energia SGPS SA GLPEY, a Portuguese energy firm, has scrapped its plans to build the Aurora lithium refinery on the Portuguese coast in Setubal. The decision followed its failure in finding a partner to invest in the project after its previous partner in the venture, Northvolt AB, decided to quit.\nDetails of the Partnership\nNorthvolt AB, a Swedish battery developer and manufacturer, and Galp Energia had formed a 50-50 joint venture in 2021 to develop the lithium processing facility. However, at the beginning of 2024, Northvolt announced that it would not invest in the venture, leaving Galp stranded without a partner. The total investment required for the project is estimated to exceed €1 billion.\nImpact of Market Dynamics and Northvolt’s Withdrawal\nThe refinery was initially expected to start commercial operations by early 2026. However, the project faced several setbacks, including the uncertainty regarding the required funding. The nature and complexity of the project also contributed to further delays. Previously, Galp had mentioned that the Aurora joint venture was a complex project to take on and despite facing challenges the company wanted the project to remain competitive.\nHowever, the inability to secure a new partner to replace Northvolt AB, coupled with downward pressure on lithium prices due to an oversupply from the Chinese market, rendered the project quite unattractive. The Aurora lithium refinery was intended to produce lithium hydroxide, a key component for lithium-ion batteries.\nNorthvolt’s Bankruptcy Filing\nNorthvolt AB recently filed for U.S. Chapter 11 bankruptcy protection after failing to secure the necessary funding. The company discussed its financial troubles with major investors and stakeholders before filing for bankruptcy.\nGLPEY’s Zacks Rank and Key Picks\nCurrently, GLPEY carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks from the energy sector are Smart Sand, Inc. SND, FuelCell Energy FCEL and Nine Energy Service NINE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nSmart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, providing a positive outlook.\nFuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.\nNine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nFuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report\nGalp Energia SGPS SA (GLPEY) : Free Stock Analysis Report\nSmart Sand (SND) : Free Stock Analysis Report\nNine Energy Service, Inc. (NINE) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2487569965"}