Lithium behemoth Albemarle announces $1.3B initial investment in new lithium hydroxide facility
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(Kitco News) - Lithium producer Albemarle (NYSE: ALB) today announced plans to locate its previously announced lithium hydroxide Mega-Flex facility in Chester County, South Carolina.
The company said that plans for the facility include an initial investment of at least $1.3 billion to help meet the surging demand for domestic and international electric vehicles and lithium-ion batteries.
Albemarle expects the facility to annually produce approximately 50,000 metric tons of battery-grade lithium hydroxide from multiple sources, with the potential to expand up to 100,000 metric tons. Construction is expected to begin late in 2024.
"Production at the facility would support the manufacturing of an estimated 2.4 million electric vehicles annually. The site also supports the Inflation Reduction Act, a federal law enacted in 2022 to incentivize the localization of critical minerals in North America,” the company said in a statement.
"This facility will help increase the production of U.S.-based lithium resources to fuel the clean energy revolution while bringing us closer to our customers as the supply chain is built out in North America," stated CEO Kent Masters. "This investment supports our long-term commitment to providing innovative products and solutions that enable a more resilient world. We look forward to partnering with the state of South Carolina on this important project."
Pending permitting approvals, the facility will be located within a nearly 800-acre parcel. Albemarle estimates the facility will create more than 300 new jobs with an average annual wage of approximately $93,000. In addition, the project would create more than 1,500 construction jobs.
Albemarle is a global leader in transforming essential resources such as lithium and bromine into critical ingredients for mobility, energy, connectivity, and health.
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