Albemarle to Significantly Increase Battery Grade Lithium Production

Albemarle (NYSE:ALB), one of the world’s major lithium producers, announced that it plans to significantly increase its production of battery grade lithium products in order to meet the needs of the energy storage market. The company will add up to 50,000 metric tonnes of mineral conversion production capacity in order to boost production of lithium hydroxide and lithium carbonate.
As quoted in the press release:

The new plant is expected to come on stream in multiple phases and will source spodumene ore from Albemarle’s joint venture in Greenbushes, Australia.  Albemarle has commenced feasibility studies and is evaluating potential sites, including several locations in the United States and Asia. The plant is expected to be operational in 2020.

Albemarle president and CEO, Luke Kissam, said:

Albemarle recognizes the significant energy storage movement globally and views this plan as the logical next step in our continued support of leading companies in the transportation, consumer devices and renewable energy industries. By expanding our production capabilities, we will be prepared to meet the growing market-driven demand for high-quality, battery grade lithium products as our customers in the global transportation and energy infrastructure industries innovate to utilize energy more efficiently and effectively.

Click here for the full press release.