Albemarle secures DOE grant for US-based lithium facility to support national electric vehicle supply chain

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CHARLOTTE, North Carolina, October 19, 2022 /PRNewswire/ — Albemarle Society (NYSE:ALB), a global leader in the specialty chemicals industry, announced that it has received a grant of nearly $150 million from the U.S. Department of Energy (DOE) as part of the first set of projects funded by the bipartisan Presidential Infrastructure Act to expand domestic manufacturing of electric vehicle (EV) batteries and the power grid and for materials and components currently imported from other countries. The grant funding is intended to help cover a portion of the anticipated cost of constructing a new commercial-scale lithium concentrator facility in the United States at from Albemarle Kings Mountain, North Carolinalocation.

Albemarle CEO Kent Masters will participate in today’s virtual White House event as part of the DOE award winner announcement, reiterating from Albemarle commitment to invest in the United States to source and process critical materials used to manufacture lithium-ion batteries.

Albemarle is proud to partner with the federal government to create manufacturing jobs in the Southeast United States, strengthening the national supply chain for the growing electric vehicle market. Receipt of DOE grant confirms from Albemarle position as a global market leader and one of the only lithium companies currently producing battery-grade lithium from US resources,” Masters said. “Expanding our footprint in the United States also increases lithium processing speed and reduces greenhouse gas emissions from long transportation of raw minerals. We hope this project will spur additional investment from other players in the domestic electric vehicle battery supply chain, such as cathode manufacturers, battery manufacturers, and automakers. »

Albemarle expects the concentrator facility to create hundreds of construction and full-time jobs, and supply up to 350,000 metric tons per year of spodumene concentrate to the mega-lithium conversion facility. flex previously announced by the company. The mega-flex conversion facility is expected to produce up to 100,000 metric tons of battery-grade lithium per year to support domestic manufacturing of up to 1.6 million electric vehicles per year. Albemarle finalizes site selection for mega-flex conversion facility in the southeast United States. This facility design would accommodate multiple feedstocks, including spodumene from the proposed re-opening of the company’s hard rock mine at mountain of kings; its existing lithium brine resources at Silver Peak, Nevada, and other global resources; as well as potentially recycled lithium materials from existing batteries.

In addition to supporting hub development, Albemarle will use part of the grant to support a $5 million ore processing operator training program Cleveland Community Collegea $1.5 million mineral laboratory research program at Virginia Techand one $1.5 million mineral pilot plant and engineering training program at North Carolina State University Asheville Mineral Research Laboratory.

The development of the lithium concentrator and mega-flex conversion facility, the proposed reopening of the mountain of kings mine, and an active expansion of the Silver Peak facility are part of a larger Albemarle US electric vehicle battery supply chain investment strategy.

About Albemarle Corporation

Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine and catalysts. We think beyond the status quo to unlock the potential of businesses in many of the world’s most important and critical sectors, such as energy, electronics and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. Together with our highly experienced and talented global teams, deeply held values ​​and collaborative customer relationships, we create value-added, performance-based solutions that enable a safer and more sustainable future.

We regularly publish information about www.albemarle.comincluding event notifications, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, business and markets that we serve.

Forward-looking statements

Some of the information presented in this press release, including, but not limited to, information relating to timing and transition to, and benefits of, receipt of DOE grant funds, anticipated costs, project specifications and production capabilities mountain of kings concentrator and the mega-flex conversion facility, and the number of jobs and educational programs created by from Albemarle facilities and grants, and including all information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that may cause from Albemarle actual results that differ materially from the outlook expressed or implied in any forward-looking statement include, but are not limited to: changes or delays in the application of the bipartisan Infrastructure Act and the funds authorized thereunder in due to political disagreement, legislative processes or other factors; changes in economic and business conditions; changes in the financial and operating performance of its major customers and the industries and markets it serves; the timing of orders received from customers; the gain or loss of significant customers; fluctuations in lithium market prices, which could impact our revenues and profitability, including through our increased exposure to indexed and variable-price contracts for battery-grade lithium sales; changes regarding contract renegotiations; potential shortfalls in production volume; competition from other manufacturers; changes in demand for its products or the end user markets in which its products are sold; limitations or prohibitions on the manufacture and sale of its products; availability of raw materials; increases in the cost of raw materials and energy, and its ability to pass these increases on to its customers; technological evolution and development, the evolution of its markets in general; foreign currency fluctuations; changes in laws and governmental regulations affecting its operations or products; the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to US Foreign Corrupt Practices Act and foreign anti-corruption laws); the occurrence of cybersecurity breaches, terrorist attacks, industrial accidents or natural disasters; the effect of climate change, including regulatory changes to which it may be subject; risks associated with the manufacture of chemicals; failure to maintain current levels of insurance, including product or premises liability insurance, or denial of such coverage; political unrest affecting the global economy, including the adverse effects of terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; failure to achieve results from its global manufacturing cost reduction initiatives and ongoing improvement and streamlining programs; changes in the jurisdictional allocation of its profits and changes in tax laws and rates or their interpretation; changes in monetary policies, inflation or interest rates that may affect its ability to raise capital or increase the cost of its funds, affect the performance of its investments its pension fund and increase its pension costs and funding obligations; volatility and uncertainties in the debt and equity markets; violation of technology or intellectual property, including cybersecurity breaches and other innovation risks; decisions it might make in the future; future acquisition and divestiture transactions, including the ability to successfully execute, operate and integrate acquisitions and divestitures and incur additional debt; continuing uncertainties about the duration and impact of the coronavirus (COVID-19) pandemic; performance of from Albemarle partners in joint ventures and other projects; changes in credit ratings; and other factors detailed from time to time in the reports Albemarle filings with the SEC, including those described under “Risk Factors” in from Albemarle most recent annual report on Form 10-K and all quarterly reports subsequently filed on Form 10-Q. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide revisions to any forward-looking statements if circumstances change, except as otherwise required by securities and other applicable laws.

SOURCEAlbemarle Corporation

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