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.