Tesla Said To Be Breaking Ground For $375M Texas Lithium Refinery Today

EV giant Tesla Inc TSLA will reportedly hold a ceremony for its new lithium refinery on Monday.

What Happened: The groundbreaking ceremony will commence at 3 .p.m. in the presence of leaders including Texas Gov. Greg Abbott, KIIITV reported.

The $375 million lithium facility is opening in Robstown, Texas, and will refine battery-grade lithium hydroxide.

As per the report, Tesla is touting the facility to be the first of its kind in North America.

Why It Matters: Last year, CEO Elon Musk urged investment in global lithium refining, calling it an opportunity to “mint money.”

“Facilities like this lithium refinery is a core component to our state strategy for the state of Texas to be more self-reliant,” Abbott said in a speech in April, as per KIIITV.

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