This replaces an earlier item that reported incorrect year-to-date share gains for Piedmont Lithium and Livent. It has been corrected.
Shares of Piedmont Lithium Inc. charged up 11.5% in midday trading Wednesday, after the lithium producer announced a $141.7 million grant from the U.S. Department of Energy. The company said the grant is part of the Biden administration's infrastructure law aimed at expanding domestic manufacturing of batteries for electric vehicles (EVs) and for materials currently imported. Piedmont, which has yet to report any revenue, said the grant will support the construction of its $600 million Tennessee Lithium project, which is expected to begin in 2023, and to produce 30,000 metric tons of lithium hydroxide per year. The project is expected to create about 120 new jobs. "This funding will enable us to accelerate detailed engineering and place orders for long-lead items," said Piedmont Chief Operating Officer Patrick Brindle. The stock has rallied 63.8% over the past three months, while fellow lithium producer Livent Corp.'s shares have blasted run up% higher and the S&P 500 has lost 6.1%.
(END) Dow Jones Newswires
October 19, 2022 12:25 ET (16:25 GMT)
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