- Albemarle Corporation (NYSE:ALB) plans to locate its previously announced lithium hydroxide Mega-Flex facility in Chester County, South Carolina.
- Plans for the facility include an initial investment of at least $1.3 billion to help meet the demand for domestic and international electric vehicles and lithium-ion batteries. Construction is expected to begin late in 2024.
- Mega-Flex refers to the facility’s ability to process diverse lithium feedstock, including lithium from recycled batteries.
- Albemarle expects the facility to annually produce about 50,000 metric tons of battery-grade lithium hydroxide from multiple sources, with the ability to expand up to 100,000 metric tons.
- ALB noted the production at the facility would support the manufacturing of an estimated 2.4 million electric vehicles annually and create more than 300 new jobs.
- The facility also supports the Inflation Reduction Act, a federal law enacted in 2022 to incentivize the localization of critical minerals in North America.
- “This facility will help increase the production of U.S.-based lithium resources to fuel the clean energy revolution while bringing us closer to our customers as the supply chain is built out in North America,” said CEO Kent Masters.
- Price Action: ALB shares are trading higher by 1.57% at $219.50 in premarket on the last check Thursday.
