(Kitco News) - Albemarle (NYSE: ALB), a leader in the global specialty chemicals industry, yesterday announced it has acquired a location in Charlotte, North Carolina, where it will invest at least $180 million to establish the Albemarle Technology Park (ATP).
The company said that the ATP will be a world-class facility designed for novel materials research, advanced process development, and acceleration of next-generation lithium products to market.
Albemarle anticipates that innovations from the new site will enhance lithium recovery, improve production methods, and introduce new forms of lithium to enable breakthrough levels of battery performance.
"Albemarle Technology Park is part of our mine-to-market innovation strategy to invest in the U.S. EV battery supply chain and to be a leader in advanced lithium materials for next-generation energy storage," stated CEO Kent Masters. "This facility will focus and accelerate our lithium technology leadership, better enabling the world's transition to more sustainable energy."
Importantly, Albemarle noted it was awarded a nearly $13 million incentive package from the State of North Carolina to develop the advanced lithium materials research, process development, and product innovation facility in Mecklenburg County, North Carolina.
Albemarle's vision for the ATP spans from novel lithium materials and manufacturing processes to new product commercialization in close partnership with strategic customers.
"By co-locating these critical activities and collaborations, the company expects ATP will become a lithium innovation hub that anchors technology leadership in the Southeast U.S., where the EV industry is rapidly expanding," the company said.
Albemarle anticipates that enhanced process technologies developed at the ATP will unlock new lithium resources, increase sustainability by reducing energy and water use, and enable lithium recovery at end-of-life through cost-effective recycling.
Albemarle is a global specialty chemicals company with leading positions in lithium, bromine, and catalysts. The company employs approximately 5,600 people and serves customers in approximately 100 countries.
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