By: ICN Bureau
Last updated : October 26, 2022 9:52 pm
The plant has a designed annual conversion capacity of up to 25,000 metric tons LCE.
Albemarle Corporation, a leader in the global specialty chemicals industry, announced that its subsidiary, Albemarle Lithium UK Limited, has completed the acquisition of Guangxi Tianyuan New Energy Materials Co. (Tianyuan) for approximately $200 million.
A definitive agreement to acquire all outstanding equity from Tianyuan's shareholders was announced in September 2021.
Located near the Port of Qinzhou in Guangxi, Tianyuan's operations include a lithium conversion plant with a designed annual conversion capacity of up to 25,000 metric tons LCE and can produce battery-grade lithium carbonate and lithium hydroxide.
"The addition of Tianyuan's operations to Albemarle's high-quality lithium assets strengthens our ability to reliably meet the increasing global demand for battery-grade lithium," said Kent Masters, Albemarle CEO.
"We welcome the Tianyuan team's support as we help our customers and the world transition to more sustainable energy use."