CHARLOTTE, N.C., Oct. 19,
2022 /PRNewswire/ -- 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.
"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.
Forward-Looking Statements
Some of the information presented in this press release,
including, without limitation, information related to the timing
and transition to, and the benefits of, receipt of funds from the
DOE grant, the expected costs, specifications and production
capabilities of the planned Kings
Mountain concentrator facility and the mega-flex conversion
facility, and the number of jobs and educational programs created
by Albemarle's facilities and
grants, and including all information relating to matters that are
not historical facts may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from the views
expressed. Factors that could cause Albemarle's actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include, without limitation: changes to
or delays in the application of the Bipartisan Infrastructure Law
and funds authorized thereunder due to political disagreement,
legislative processes or other factors; changes in economic and
business conditions; changes in financial and operating performance
of its major customers and industries and markets served by it; the
timing of orders received from customers; the gain or loss of
significant customers; fluctuations in lithium market pricing,
which could impact our revenues and profitability particularly due
to our increased exposure to index-referenced and variable-priced
contracts for battery grade lithium sales; changes with respect to
contract renegotiations; potential production volume shortfalls;
competition from other manufacturers; changes in the demand for its
products or the end-user markets in which its products are sold;
limitations or prohibitions on the manufacture and sale of its
products; availability of raw materials; increases in the cost of
raw materials and energy, and its ability to pass through such
increases to its customers; technological change and development,
changes in its markets in general; fluctuations in foreign
currencies; changes in laws and government regulation impacting its
operations or its products; the occurrence of regulatory actions,
proceedings, claims or litigation (including with respect to the
U.S. Foreign Corrupt Practices Act and foreign anti-corruption
laws); the occurrence of cyber-security breaches, terrorist
attacks, industrial accidents or natural disasters; the effect of
climate change, including any regulatory changes to which it might
be subject; hazards associated with chemicals manufacturing; the
inability to maintain current levels of insurance, including
product or premises liability insurance, or the denial of such
coverage; political unrest affecting the global economy, including
adverse effects from terrorism or hostilities; political
instability affecting our manufacturing operations or joint
ventures; changes in accounting standards; the inability to achieve
results from its global manufacturing cost reduction initiatives as
well as its ongoing continuous improvement and rationalization
programs; changes in the jurisdictional mix of its earnings and
changes in tax laws and rates or interpretation; changes in
monetary policies, inflation or interest rates that may impact its
ability to raise capital or increase its cost of funds, impact the
performance of its pension fund investments and increase its
pension expense and funding obligations; volatility and
uncertainties in the debt and equity markets; technology or
intellectual property infringement, including cyber-security
breaches, and other innovation risks; decisions it may make in the
future; future acquisition and divestiture transactions, including
the ability to successfully execute, operate and integrate
acquisitions and divestitures and incurring additional
indebtedness; continuing uncertainties as to the duration and
impact of the coronavirus (COVID-19) pandemic; performance of
Albemarle's partners in joint
ventures and other projects; changes in credit ratings; and the
other factors detailed from time to time in the reports
Albemarle files with the SEC,
including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form
10-K and any subsequently filed Quarterly Reports on Form 10-Q.
These forward-looking statements speak only as of the date of this
press release. Albemarle assumes
no obligation to provide any revisions to any forward-looking
statements should circumstances change, except as otherwise
required by securities and other applicable laws.
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SOURCE Albemarle Corporation