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Albemarle Corp to build $1.3 billion lithium plant in South Carolina

March 24, 2023


Albemarle Corp (ALB.N) said on Wednesday it had chosen Chester County, South Carolina, as the location for a $1.3 billion lithium processing plant it hopes will cement its status as a cornerstone of the rapidly growing U.S. electric vehicle industry.

The facility, which was first announced last year without a specific location, will double the company's lithium processing capacity and thus its ability to supply key customers - including Tesla Inc (TSLA.O) - who are hungry for more North American supplies of the battery metal.

Already the world's largest lithium producer with major facilities in Chile, China and Australia, 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 tonnes 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.

[Staff Report]

More: Albemarle to build $1.3 bln lithium plant in South Carolina

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