Albemarle establishes strategic agreement with Ford Motor Company.
Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced a definitive agreement with Ford Motor Company to deliver battery-grade lithium hydroxide to support the automaker’s ability to scale electric vehicle (EV) production.
Albemarle will supply more than 100,000 metric tons of battery-grade lithium hydroxide for approximately 3 million future Ford EV batteries. The five-year supply agreement starts in 2026 and continues through 2030.
Both Albemarle and Ford are committed to supplying the U.S. EV supply chain via lithium hydroxide domestically produced in the United States or originating in a country with a U.S. Free Trade Agreement.
Eric Norris, President, Albemarle Energy Storage, said:
With the growing demand for EVs in the United States, our customers are seeking to regionalize their supply chain for greater security, sustainability and lower costs.
“This agreement exemplifies the industry collaborations and investments required. We’re honored to be entering into this strategic partnership with a legendary automotive manufacturer such as Ford.”
In addition to the lithium hydroxide supply, Albemarle and Ford will explore collaborations to develop a closed-loop solution for lithium-ion battery recycling. Furthermore, both companies are deeply committed to responsible sourcing and production and have agreed to work together to ensure sustainability, transparency and traceability in their supply chains.
For example, Albemarle will supply lithium hydroxide sourced only from mines that have been accredited through an audit based on the Initiative for Responsible Mining Assurance (IRMA), a comprehensive standard developed by NGOs, affected local communities and workers, among others.
Lisa Drake, Ford’s vice president, EV Industrialization, Model e said:
We are at a significant moment in Ford’s next industrial revolution for the EV age.
“Working with strong global collaborators such as Albemarle, which has well-established operations and a proven track record of scaling facilities, helps us fortify and de-risk our plans for sourcing the key minerals we need to make EVs more accessible for our customers longer-term.”
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on Twitter @AlbemarleCorp.
Albemarle regularly posts information to our website, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding the company, its businesses, and the markets we serve.
About Ford Motor Company
Ford Motor Company is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty.
Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services.
The company does that through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough EVs along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs.
Additionally, Ford is pursuing mobility solutions through Ford Next, and provides financial services through Ford Motor Credit Company. Ford employs about 174,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.
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ALBEMARLE ESTABLISHES STRATEGIC AGREEMENT WITH FORD MOTOR COMPANY, CHARLOTTE, N.C., May 22, 2023
