(Kitco News) - Piedmont Lithium (Nasdaq: PLL) today announced that it has been selected for a $141.7 million grant from the U.S. Department of Energy (DOE) – one of the first set of projects funded by the President's Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for EVs and the electrical grid.
According to a press release, the funding will support the construction of the company's approximately $600 million Tennessee lithium project, which aims to expand the U.S. supply of lithium hydroxide by 30,000 metric tons per year.
The company noted that its Tennessee lithium project is being designed to produce lithium hydroxide from spodumene concentrate using the innovative Metso:Outotec process flow sheet, enabling lower emissions and carbon intensity as well as improved capital and operating costs relative to incumbent operations.
President and CEO Keith Phillips said the company is honored that the Tennessee lithium project has been selected for this DOE funding.
"The U.S. government is putting investment dollars behind its policies to support energy independence and national security, and we are grateful to be selected to help spur critical, domestic development of the EV battery supply chain," said Phillips. "Over 80% of lithium hydroxide production today occurs in China. This grant will accelerate the development of the Tennessee lithium project as a world-class lithium hydroxide operation, which is expected to more than double the domestic production of battery-grade lithium hydroxide in the United States."
Piedmont Lithium's projects include its wholly-owned Carolina lithium and Tennessee lithium projects in the United States and partnerships in Quebec with Sayona Mining and in Ghana with Atlantic Lithium.
When the company's current portfolio of lithium assets becomes fully operational, Piedmont expects to produce 60,000 tpy of lithium hydroxide in the United States, where current domestic production is only approximately 15,000 tpy.
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