Albemarle Corporation (Free Report) announced that it will set up its lithium mega-flex facility in Chester County, SC. The new hydroxide facility will include an initial investment of $1.3 billion or more, enabling the company to meet the increasing demand for electric vehicles and lithium-ion batteries.
Albemarle’s Mega-Flex plant will process various lithium feedstock, that includes recycled batteries, to manufacture roughly 50,000 metric tons of battery-grade lithium hydroxide annually. The capacity can be increased to 100,000 metric tons and support the manufacture of about 2.4 million electric vehicles yearly. The facility also aligns with the Inflation Reduction Act, which promotes the localization of crucial minerals in North America.
The company stated that the new facility is designed to boost the production of lithium resources in the United States, which will contribute to the clean energy revolution and enhance proximity with its customers as the North American supply chain expands. The company also stated that this investment is aligned with its long-term commitment to offering innovative products and solutions that supports a more resilient world.
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