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New Businesses

Galp actively seeks to identify and develop business and value opportunities for the future with the potential to become robust and autonomous businesses, in areas related to sustainability, energy transition, transport, infrastructure and production.

Galp actively works to identify and develop new businesses opportunities to drive growth and profitability. Creating these value pools for the future increases the potential of generating new autonomous businesses, in areas related to sustainability, energy transition, transportation, infrastructure and production. With new created businesses the Company can reach new markets while leveraging on the existing business model and capabilities.  

2022 Highlights

Battery Value Chain (BVC)

Energy storage technologies will play a fundamental role in paving the way for a sustainable transition, as the EU aims to become active in lithium-ion battery production and electric mobility. Europe’s path to net zero requires a major push to electrify industries, with the transportation and e-mobility areas having been identified as those where the greatest benefits can be achieved. The transportation sector is central to the realisation of a more sustainable energy system.  

Portugal has potential for developing an integrated value chain because of the availability of endogenous renewable resources, availability of lithium spodumene, nearby automotive capacity, infrastructure and geographic position.  

Galp is in a privileged position to participate in the development of a local and integrated value chain due to its experience in operating large-scale industrial businesses and chemical processes, in raw material sourcing and trading, renewable energies know-how and a highly skilled workforce.

Galp has given a significant first step in becoming an early mover in the lithium processing segment of the battery value chain. The 50/50 JV between Galp and Northvolt (“Aurora JV”) was legally completed in 2022, and significant progress was made in the project to build and operate a lithium processing facility in Portugal, with a capacity to annually produce up to 35 kton of lithium hydroxide, sufficient for 50 GWh of battery production per year (approximately 700 k electric vehicles per year).  

With the start of production expected in 2026, the project will use a proven conversion process, leveraging recent process improvements and technologies to increase its sustainability and efficiency. Additionally, the Aurora JV is seeking to enable the use of green energy to power the conversion process, thereby minimizing reliance on the conventional natural-gas-powered approach.  

Galp continues to explore other business opportunities in the growing battery value chain market, leveraging on the know-how and strong network acquired whilst developing the Aurora project and on the current social, political and financial backing of projects that enable the energy transition.

Corporate Venture Capital and other businesses

In 2022, Galp intensified its Corporate Venture Capital activities and made its first direct investment of $5 m in 6K, a company developing disruptive cathode materials manufacturing technology.

The company 6K is championing the innovative process of advanced microwave plasma technology to produce metal powders for specialized applications, including cathode materials. 6K focuses on producing low-cost, environmentally friendly battery materials to lower the environmental impact of global battery material production and to do so cost-effectively and sustainably. Investing in 6K fits well strategically with Galp’s ambitions to position itself in the battery value chain.

Galp will continue assessing investment opportunities that target areas of high strategic relevance for the Company’s ambitions in the energy transition, and that allow exposure to global, best-in-class networks of entrepreneurs and other corporations with whom relevant opportunities could be jointly explored.

Additionally, Galp will persist in building its pipeline of investment opportunities not only in the battery value chain but also in areas such as hydrogen, circular economy and renewables, looking at executing the ones that prove more appealing both from a financial and a strategic point of view. Such investments will complement Galp’s new business development efforts in these strategic areas.