Albemarle U.S., Inc. (48C Self-Disclosed)

Albemarle has been awarded a $9 million tax credit to support the Silver Peak Lithium Project (SPLP), which will expand the production of lithium carbonate production at the company's facility in Nevada. This project addresses a priority area of the U.S. to increase manufacturing capacity and quality jobs to secure domestic supply chains for critical materials that serve clean energy needs. Issued through the Qualifying Advanced Energy Project Credit (48C) Program, this tax credit is part of the Inflation Reduction Act and falls under the Department of Treasury, bureau of Internal Revenue Service.

The U.S. Department of Energy (DOE) released applicant self-disclosed information for 22 projects across 17 states that voluntarily shared with DOE that they received a total of nearly $1 billion in allocations from the Qualifying Advanced Energy Project Credit (48C). Nine of the self-disclosed projects indicated they are located in 48C energy communities – communities with closed coal mines or coal plants—showcasing the Biden Administration’s commitment to investing in America’s energy communities.