Albemarle Corp said on Thursday it will expand capacity at its lithium production facility in Silver Peak, Nevada as demand for the ultralight battery metal is expected to grow as automobile companies across the globe produce more electric vehicles.
Government mandates, rising concerns about climate change and other factors have all boosted demand for electric vehicles, and Albemarle expects the investment in capacity to provide domestic support for the growing electric vehicle market.
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Albemarle plans to invest $30 million to $50 million to double the current production at the Nevada site by 2025.
The Charlotte, North Carolina based company said it will also begin a program to evaluate clays and other available Nevada resources for commercial production of the metal.
Albemarle is also seeking ways to optimize lithium extraction from its brine resources, including those in the Clayton Valley.
This story has been published from a wire agency feed without modifications to the text.