Albermarle Corp. ALB said Wednesday it’s planning to invest at least $1.3 billion in a lithium hydroxide facility to be located in Chester County, South Carolina. The Charlotte, N.C.-based company, which makes products for mobility, energy, connectivity and health, said it expects the facility to create more than 300 jobs with an average annual wage of about $93,000. The project, which will start construction in late 2024, is expected to also create more than 1,500 construction jobs. Albemarle expects the facility to produce about 50,000 metric tons of battery-grade lithium hydroxide a year from multiple sources, with the potential to expand up to 100,000 metric tons. That would be enough to make lithium-ion batteries to power an estimated 2.4 million EVs annually. The stock was slightly lower Wednesday, but has gained 8% in the last 12 months, outperforming the S&P 500 SPX, which has fallen 11%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.