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The Albemarle lithium processing facility in Kings Mountain, North Carolina, US, on Wednesday, Aug. 10, 2022.

Logan Cyrus | Bloomberg | Getty Images

Albemarle‘s plans to reopen a resource rich lithium mine in North Carolina will take longer than originally expected as a collapse in lithium prices weighs on the company.

Albemarle, a top lithium producer, had originally planned to reopen the Kings Mountain mine as early as late 2026 to increase domestic lithium production and support a U.S. electric vehicle battery supply chain.

“It’s going to be a later date,” Eric Norris, president of energy storage at Albemarle, told CNBC. “It slowed down a bit given the concerns we have, but we are still progressing it forward. It’s not that we’ve stopped it.”

Kings Mountain could produce enough material to manufacture 1.2 million electric vehicles annually. The mine sits on one of the world’s richest deposits of spodumene ore, a source of lithium. There is currently only one operational lithium mine in the U.S. in Silver Peak, Nevada, which is owned by Albemarle.

Albemarle does not have a precise date for when Kings Mountain will become operational, Norris said. The company is preparing to start the permitting process, which will take two years to complete. Construction will be a multiyear undertaking before the mine is operational, according to the company.

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Albemarle shares over the past year.

The Biden administration has made setting up a battery supply chain, supported by domestic lithium production and processing, a top priority to end dependence on China, which dominates the global market. Albemarle was awarded a $90 million grant from the Defense Department to support domestic mining, which the company is using to help reopen Kings Mountain.

Kings Mountain was an operational lithium mine from 1937 until the 1980s, when the owner Rockwood Holdings ceased operations to focus on resources in Chile. Albemarle acquired Rockwood and the mine in 2015.

Albemarle has come under pressure as global lithium prices have collapsed more than 40% since last year and 81% from 2022 highs, forcing the company to adjust expansion plans. Albemarle put on hold a chemical plant in Richburg, South Carolina, that would have processed the lithium from Kings Mountain.

Albemarle CEO Kent Masters said the industry still needs to add significant capacity as electric vehicle demand remains strong, with more than 20% global growth so far this year, but lithium prices have fallen below the marginal cost of production as supply of the commodity has expanded.

“It’s difficult to justify investment projects where the prices are today,” Masters said.

Lithium prices need to be at a minimum of $20 per kilogram to justify investments, Masters said. The average price in 2023 was $15 per kilogram. The CEO said he expects lithium prices to become less volatile, with lower highs and higher lows, as the market matures.

Albemarle’s profit plummeted 99% to $2.4 million in the first quarter compared with $1.2 billion a year-ago. Revenue fell 47% to $1.36 billion, down from $2.58 billion in the first quarter of 2023.

Though Albemarle took a huge hit compared with last year, the company’s earnings largely met Wall Street expectations, while revenue came in above forecasts. Investors reacted positively to the results with shares closing more than 5% higher at $125.30 on Thursday. On Friday, shares climbed 3% further.

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Puerto Rico just got $1.2B in DOE financing to boost its grid with solar + storage

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Puerto Rico just got .2B in DOE financing to boost its grid with solar + storage

The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.

The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:

  • The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
  • A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
  • A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.

If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.

LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.

LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.

Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.

As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.

When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.

Read more: Cleantech investments to top fossil fuels for the first time in 2025


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Chevy launches sweet new Equinox and Blazer EV deals that can slash prices by $5,000

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Chevy launches sweet new Equinox and Blazer EV deals that can slash prices by ,000

Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.

Chevy adds new Equinox and Blazer EV deals in January

Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.

Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.

This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.

On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.

Chevy-Blazer-EV-deals
2024 Chevy Blazer EV RS (Source: GM)

In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.

Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.

Chevy-Equinox-EV-deals
2024 Chevy Equinox EV LT (Source: GM)

On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.

The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.

If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.

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Podcast: non-Tesla EV Supercharger access, Cybertruck sales, Rivian $$$, and more

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Podcast: non-Tesla EV Supercharger access, Cybertruck sales, Rivian $$$, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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