The company last month said it expects demand for the white metal used in electric vehicle (EV) batteries to grow four-fold in the next five years, given a satisfactory recovery in prices.
Albemarle Corp, which has a debt of $2.9 billion as of Sept. 30, said it would use the net proceeds of the offering to expand operations in Australia, Chile, Nevada and China.
Last month, Charlotte, North Carolina-based Albemarle said it would double production at its lithium facility in Silver Peak, Nevada, part of a plan to boost supply for the burgeoning EV market.
The company’s stock doubled in 2020 as lithium prices rallied on EV demand optimism and a rebound in industrial activity from COVID-19 pandemic lows. Reporting by Rithika Krishna; Editing by Ramakrishnan M.