Albemarle to build $1.3 billion lithium plant in South Carolina
, Albemarle has moved aggressively to expand in the United States, which it sees as its next major area of growth thanks to tax credits and other incentives offered by the U.S. Inflation Reduction Act.The South Carolina plant will be able to process 50,000 tons of lithium each year from rock Albemarle plans to mine in North Carolina as well as from recycled batteries. That's roughly enough of the white metal to make 2.4 EVs annually.
"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," Albemarle Chief Executive Kent Masters said in a statement. Construction of the 800-acre project is expected to begin late next year, though the company did not provide a timeline for when the site will open. The plant should employ 300 workers with an average annual pay of $93,000.
The company received a lithium processing grant last year from the White House. Despite the recent softening in lithium prices, Albemarle has said it expects demand to continue to rise.
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