(Reuters) -Albemarle Corp stated on Wednesday it had chosen Chester County, South Carolina, as the situation for a $1.3 billion lithium processing plant it hopes will cement its standing as a cornerstone of the quickly rising U.S. electrical automobile business.
The power, which was first introduced final yr and not using a particular location, will double the corporate’s lithium processing capability and thus its potential to produce key prospects – together with Tesla Inc – who’re hungry for extra North American provides of the battery steel.
Already the world’s largest lithium producer with main services in Chile, China and Australia, Albemarle has moved aggressively to develop in america, which it sees as its subsequent main space of development because of tax credit and different incentives provided by the U.S. Inflation Discount Act.
The South Carolina plant will be capable to course of 50,000 tonnes of lithium every year from rock Albemarle plans to mine in North Carolina in addition to from recycled batteries. That’s roughly sufficient of the white steel to make 2.4 EVs yearly.
“This facility will assist enhance the manufacturing of U.S.-based lithium assets to gasoline the clear vitality revolution whereas bringing us nearer to our prospects as the provision chain is constructed out in North America,” Albemarle Chief Government Kent Masters stated in a press release.
Building of the 800-acre venture is predicted to start late subsequent yr, although the corporate didn’t present a timeline for when the positioning will open. The plant ought to make use of 300 employees with a mean annual pay of $93,000.
The corporate acquired a lithium processing grant final yr from the White Home. Regardless of the current softening in lithium costs, Albemarle has stated it expects demand to proceed to rise.
Shares of the Charlotte, North Carolina-based firm fell 1.6% to $219.33 in afternoon buying and selling.
Reporting by Sourasis Bose and Arunima Kumar in Bengaluru and Ernest Scheyder in Houston; Modifying by Anil D’Silva, Vinay Dwivedi and Diane Craft
