Arrangement includes a collaboration agreement
for deployment of Cat battery-electric trucks and site energy
transfer solutions, a lithium offtake framework agreement, and an
agreement to explore potential opportunities to collaborate on
research into battery technology
CHARLOTTE, N.C., Sept. 27,
2023 /PRNewswire/ -- Albemarle Corporation (NYSE:
ALB), a global leader in providing essential elements for mobility,
energy, connectivity and health, signed agreements today with
Caterpillar Inc. (NYSE: CAT) to collaborate on solutions to support
the full circular battery value chain and sustainable mining
operations.
The collaboration aims to support Albemarle's efforts to establish Kings Mountain, N.C. as the first-ever
zero-emissions lithium mine site in North
America. These efforts include utilization of
next-generation, battery-powered mining equipment. Caterpillar and
Albemarle signed an agreement
making Albemarle's North
American-produced lithium available for use in Caterpillar battery
production. The two companies will also explore opportunities to
collaborate on research and development of battery cell technology
and recycling techniques.
"At Albemarle, we are committed to building a more resilient
world. Our partners are critical to achieving that impact, and this
collaboration with Caterpillar exhibits how we 'walk the talk' to
pioneer what's next. It's a win-win-win scenario, in which we are
both customers and suppliers of each other, and the innovation we
pursue together benefits the world," said Eric Norris, Albemarle's Energy Storage President.
"Beyond supplying infrastructure and materials, battery-powered
Caterpillar machinery and potential improvements to cell technology
will open up new possibilities for the future of sustainable
mining," said Norris. "We look forward to replicating at
Kings Mountain the same progress
that we have made toward social and environmental responsibility at
our Salar de Atacama operation,
where we became the first lithium producer in the world to complete
a third-party audit and publish our report through the Initiative
for Responsible Mining Assurance's (IRMA) stringent standard."
"Caterpillar is developing lithium-ion batteries and
battery-electric products today for our customers around the world
who, like Albemarle, are driving
toward net zero carbon emissions goals," said Rod Shurman, senior vice president of
Electrification and Energy Solutions at Caterpillar. "The
agreements for lithium offtake and potential collaboration on
R&D signed today will help to advance this work and further
build out a secure, resilient and sustainable value chain for
electrified equipment across the Caterpillar portfolio, while also
supporting Albemarle's journey to
more sustainable operations."
"Through this collaboration with Caterpillar, Albemarle is creating a new pathway where we
can make a global impact – outside of the leadership we're known
for with EVs," said Anita Natesh,
Albemarle's Commercial VP for
North America, Europe and India for Energy Storage. "Together with
Caterpillar, we will bring more sustainable mining equipment
to market… and in the process, demonstrate that our commitment to
powering the clean energy transition extends beyond our
collaborations with auto OEMs."
"By working together, we have the opportunity to support
Albemarle's goal of becoming the
first zero-emissions lithium producer in North America while contributing to a more
sustainable future for the mining industry," said Rob Hoenes, senior vice president of Resource
Industries Operations and Products at Caterpillar.
The announcement comes on the heels of Albemarle's recent award of $90 million from the Department of Defense, to
help support the expansion of domestic mining and the production of
lithium for the nation's battery supply chain.
About Albemarle
Albemarle Corporation (NYSE:
ALB) leads the world in transforming essential resources into
critical ingredients for mobility, energy, connectivity, and
health. We partner to pioneer new ways to move, power, connect and
protect with people and planet in mind. A reliable and high-quality
global supply of lithium and bromine allow us to deliver advanced
solutions for our customers. Learn more about how the people of
Albemarle are enabling a more
resilient world at albemarle.com and on Twitter @AlbemarleCorp.
About Caterpillar
With 2022 sales and revenues of
$59.4 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, off-highway diesel and natural gas engines, industrial
gas turbines and diesel-electric locomotives. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the conversation
on our social media channels at
caterpillar.com/en/news/social-media.html.
Forward-Looking Statements
This press release contains statements concerning our
expectations, anticipations, and beliefs regarding the future,
which constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements, which are based on assumptions that we
have made as of the date hereof and are subject to known and
unknown risks and uncertainties, often contain words such as
"anticipate," "believe," "estimate," "expect," "guidance,"
"intend," "may," "outlook," "should," "would," and "will".
Forward-looking statements may include statements regarding
expectations for the collaboration arrangement between Albemarle and Caterpillar, including the
ability to incorporate battery-powered mining equipment into mining
operations and the effectiveness of such equipment, progress
towards net zero carbon emissions goals, opportunities to research
battery technology and recycling techniques, and all other
information relating to matters that are not historical facts.
Factors that could cause actual results to differ materially from
the outlook expressed or implied in any forward-looking statement
include: changes in economic and business conditions; financial and
operating performance of customers of each of Albemarle and Caterpillar; timing and
magnitude of customer orders; fluctuations in lithium market
pricing; production volume shortfalls; increased competition;
changes in the product demand; availability and cost of raw
materials and energy; technological change and development;
fluctuations in foreign currencies; changes in laws and government
regulation; regulatory actions, proceedings, claims or litigation;
cyber-security breaches, terrorist attacks, industrial accidents or
natural disasters; political unrest; changes in inflation or
interest rates; volatility in the debt and equity markets;
acquisition and divestiture transactions; timing and success of
projects; performance of partners in joint ventures and other
projects; changes in credit ratings; and the other factors detailed
from time to time in the reports each of Albemarle and Caterpillar files with the SEC,
including those described under "Risk Factors" in each of
Albemarle's and Caterpillar's most
recent Annual Report on Form 10-K and any subsequently filed
Quarterly Reports on Form 10-Q, which are filed with the SEC and
available on the SEC's website at www.sec.gov. These
forward-looking statements speak only as of the date of this press
release. Neither Albemarle nor
Caterpillar assumes any obligation to provide any revisions to any
forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable laws.
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