Citing the rapid growth of EV sales FMC Corporation (NYSE: FMC) has announced plans to triple its production capacity of lithium hydroxide by 2019.
The expansion will take place in three phases. FMC expects to reach a capacity of at least 30,000 metric tons by 2019, although it has the ability to adjust timing to meet market demand.
“Our phased expansion approach allows FMC to execute annual and multi-year sales contracts for each increment prior to commissioning,” said FMC Lithium VP Tom Schneberger. “It is important that we maintain our high level of service and expand our production capacity as electric vehicle adoption rapidly increases demand for FMC’s battery-grade lithium hydroxide.”