Refinasol Battmat company plans to invest 103.2 million euros to construct an industrial facility in the Andorra business park in Teruel. The project envisions the first cobalt refining operation for use in the assembly of electric vehicle batteries. The initiative sought support in the second round of funding for the Electric Car Perte program, focusing on ventures in the battery sector supported by the Ministry of Industry with a grant of 100 euros per project variant.
The level of support is substantial. So far only 12 projects have received approval, with Andorra among them. Notable recipients include the Ford battery plant in Almussafes, Valencia, which was approved for 37.6 million euros, and the AESC gigafactory in Navalmoral de la Mata, Cáceres, backed by a loan package totaling 300 million euros. Ministry sources confirm the amounts requested by companies and suggest there may be corrections during the allegations period if any errors are identified in the submission process.
At this stage, the initiative proposes refining cobalt to produce a mineral suitable for use in electric vehicle battery assemblies. The broader future of the sector faces ongoing challenges around the supply of lithium, manganese, nickel, and cobalt. Refinasol also outlined ambitions to promote not only assembly but also the recycling of high-capacity, lightweight batteries.
Documents reviewed by this newspaper show that Javier Lambán’s administration maintained ongoing discussions with Refinasol representatives in March 2022. Refinasol also indicated an intention to finalize an Autonomous Interests Declaration to accelerate investment in April of that year. The process was paused due to proximity to elections and the complexities of securing all land required for an estimated 40 to 50 hectare factory site, which involved multiple owners.
Refinasol Battmat is a limited company with a capital of 60,000 euros, established in May 2022, shortly after Refinasol Holdings Limited was formed by a British businessman named Robert Dudley Heesom. The board includes former executives from Nissan and Renault in Spain, such as Jesús Montoliú Fayás, who previously led Nissan operations in Spain, and Josep Peret Jordana, a Catalan businessman. In a broader regional context, former Aragon government head Javier Lambán held a macro-meeting with local investors in Andorra to discuss manufacturing and reindustrialization in response to the 2020 closure of the regional thermoelectric plant. The discussions reflect ongoing regional interest in attracting a battery and mining cluster to Aragon and nearby areas.
Other projects in the same mineral basin illustrate regional activity. The Catalan company Oxaquim, operating since 1991 in Alcañiz, is investing 170 million euros to build an oxalic acid production facility. This chemical is increasingly demanded for purification processes in battery manufacturing. Additional ventures include Recobat, a company focused on repurposing highly polluting batteries and lead compounds, based in Albalate del Arzobispo. The region is considering how battery components could gain prominence if Aragon hosts a gigafactory to produce energy storage devices critical to the transition to green mobility. The landscape features competition from plans in Vigo and a factory in Portugal, with industry leadership and investment figures closely watched by executives from major carmakers along with their European partners.