Albemarle Picks South Carolina As Location For Its $1.3B Mega-Flex Lithium Facility

Albemarle Corporation ALB plans to locate its previously announced lithium hydroxide Mega-Flex facility in Chester County, South Carolina.
Plans for the facility include an initial investment of at least $1.3 billion to help meet the demand for domestic and international electric vehicles and lithium-ion batteries. Construction is expected to begin late in 2024.
Mega-Flex refers to the facility's ability to process diverse lithium feedstock, including lithium from recycled batteries.
Albemarle expects the facility to annually produce about 50,000 metric tons of battery-grade lithium hydroxide from multiple sources, with the ability to expand up to 100,000 metric tons.
ALB noted the production at the facility would support the manufacturing of an estimated 2.4 million electric vehicles annually and create more than 300 new jobs.
The facility also supports the Inflation Reduction Act, a federal law enacted in 2022 to incentivize the localization of critical minerals in North America.
"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," said CEO Kent Masters.
Price Action: ALB shares are trading higher by 1.57% at $219.50 in premarket on the last check Thursday.