Albemarle Nabs Lithium-Facility Grant From DOE
October 19 2022 - 12:39PM
Dow Jones News
By Dean Seal
Albemarle Corp. has been awarded a nearly $150 million grant
from the U.S. Energy Department to build a lithium-concentrator
facility in North Carolina.
The specialty chemicals maker said Wednesday that the grant is
part of a series of projects funded by the White House's Bipartisan
Infrastructure Law that aims to expand domestic manufacturing of
electric vehicle batteries.
The new commercial-scale lithium facility would be constructed
at Albemarle's location in Kings Mountain, a small city located
about 30 miles west of the company's headquarters in Charlotte,
N.C.
The facility is expected to create hundreds of construction and
full-time jobs while supplying up to 350,000 metric tons of
spodumene concentrate each year to an Albemarle lithium-conversion
facility.
"Expanding our U.S. footprint also increases the speed of
lithium processing and reduces greenhouse gas emissions from
long-distance transportation of raw minerals," Chief Executive Kent
Masters said.
Shares were up 1.4%, to $255.17, around noon on Wednesday.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 19, 2022 12:24 ET (16:24 GMT)
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