Albemarle secures DOE grant for US based lithium facility to support domestic EV supply chain.
Albemarle Corporation (NYSE: ALB), a global leader in the specialty chemicals industry, announced it has been awarded a nearly $150 million grant from the U.S. Department of Energy (DOE) as part of the first set of projects funded by the President’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles (EVs) and the electrical grid and for materials and components currently imported from other countries.
The grant funding is intended to support a portion of the anticipated cost to construct a new, commercial-scale U.S.-based lithium concentrator facility at Albemarle’s Kings Mountain, North Carolina, location.
Albemarle CEO Kent Masters will participate in today’s virtual White House event as part of the DOE award recipient announcement, reiterating Albemarle’s commitment to invest in the U.S. to source and process the critical materials used to make lithium-ion batteries.
Kent Masters, Albemarle CEO, said:
Albemarle is proud to partner with the federal government to bring manufacturing jobs to the southeastern United States, strengthening the domestic supply chain for the growing electric vehicle market.
“Receiving the DOE grant affirms Albemarle’s position as a global market leader and one of the only lithium companies currently producing battery-grade lithium from U.S. resources,” said Masters.
“Expanding our U.S. footprint also increases the speed of lithium processing and reduces greenhouse gas emissions from long-distance transportation of raw minerals. We hope this project spurs additional investment by others in the domestic EV battery supply chain, such as cathode manufacturers, battery makers, and auto manufacturers.”
Albemarle expects the concentrator facility to create hundreds of construction and full-time jobs, and to supply up to 350,000 metric tons per year of spodumene concentrate to the company’s previously announced mega-flex lithium conversion facility.
The mega-flex conversion facility is expected to eventually produce up to 100,000 metric tons of battery-grade lithium per year to support domestic manufacturing of up to 1.6 million EVs per year.
Albemarle is finalizing the site selection for the mega-flex conversion facility in the southeastern United States.
That facility design would accommodate multiple feedstocks, including spodumene from the proposed reopening of the company’s hard rock mine in Kings Mountain; its existing lithium brine resources in Silver Peak, Nevada, and other global resources; as well as potential recycled lithium materials from existing batteries.
In addition to supporting the development of the concentrator, Albemarle will use a portion of the grant to support a $5 million mineral processing operator training program at Cleveland Community College, a $1.5 million minerals lab research program at Virginia Tech, and a $1.5 million minerals pilot plant and engineering training program at North Carolina State University’s Asheville Minerals Research Lab.
Development of both the lithium concentrator and the mega-flex conversion facility, the proposed reopening of the Kings Mountain mine, and an active expansion of the Silver Peak facility are part of a larger Albemarle strategy to invest in the U.S. EV battery supply chain.
About Albemarle Corporation
Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and catalysts. We think beyond business as usual to power the potential of companies in many of the world’s largest and most critical industries, such as energy, electronics, and transportation.
We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.
We regularly post information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, our businesses and the markets we serve.
Albemarle Secures DOE Grant for U.S.-Based Lithium Facility to Support Domestic EV Supply Chain, CHARLOTTE, N.C., October 19, 2022
