Portuguese power firm Galp and Swedish electrical automobile battery maker Northvolt on Tuesday introduced a three way partnership to construct in Portugal what they are saying might be Europe’s largest lithium conversion plant.

Their aim is for the plant to ship sufficient lithium hydroxide to offer batteries for about 700,000 electrical automobiles a 12 months beginning in 2026.

Lithium hydroxide is a key materials within the manufacture of lithium-ion batteries for electrical automobiles. The businesses stated demand for lithium hydroxide is predicted to develop greater than tenfold by the top of the last decade as international locations shift to wash power to battle local weather change.

The businesses stated in an announcement they’re mulling a number of potential websites for the plant in Portugal. They count on to take a position about 700 million euros ($793 million) and say the plant will assist create as much as 1,500 jobs.

Portugal is believed to take a seat on a few of Europe’s largest lithium deposits. Its authorities is poised to begin awarding lithium mining licenses subsequent 12 months regardless of protests from environmental teams who argue the mines will break the countryside.

Carmaker Stellantis secures provide of battery-grade lithium

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