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Stock impact report

GLPEY Scraps Lithium Refinery Project Following Northvolt's Withdrawal [Yahoo! Finance]

Smart Sand, Inc. (SND) 
NASDAQ:AMEX Investor Relations: ir.smartsand.com
Company Research Source: Yahoo! Finance
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. The 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. However, the inabil Show less Read more
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