Donation to support training and apprenticeship programs for growing regional industries

CHARLOTTE, N.C., April 17, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced a $1 million donation to Cleveland Community College (CCC) for the purchase of equipment, supplies and facility improvements to benefit workforce training programs. The Shelby, NC-based college's programs are designed to strengthen the region's pipeline of skilled and diverse workers to support the growth of businesses and projects, such as the redevelopment of the Kings Mountain Mine.

The equipment and facility improvements are expected to be an integral part of CCC's Heavy Equipment Operator Program and support apprenticeship programs Albemarle is developing for several electrical and process operations roles. In addition, Albemarle employees are expected to benefit from customized training programs for the mine's mineral processing facility. These programs are designed to allow both students and incoming Albemarle employees to learn and train on state-of-the-art equipment and simulators.

"A skilled and capable workforce is one of the most critical ingredients needed as we work to strengthen our U.S. supply chain of lithium," said Ellen Lenny-Pessagno, Global Vice President, External Affairs and Sustainability. "We are fortunate to have Cleveland Community College's experienced faculty and resources right here in the community that can be leveraged to build a pipeline of talent."

"We are grateful to Albemarle for this significant investment," said Dr. Jason Hurst, President of Cleveland Community College. "Not only does it benefit the delivery of workforce training programs, but it also provides Cleveland Community College with the means to develop new and innovative training programs and apprenticeships that support local and regional businesses. Cleveland Community College has high-quality, professional instructors that are eager to deliver training with the proposed new equipment. Albemarle's commitment to this community, and its community college, is unique and much appreciated."

The donation builds upon $5 million of announced funding to CCC as a subrecipient of the U.S. Department of Energy's $150 million grant to the Kings Mountain Mine project. The overall grant is anticipated to support part of the construction cost for the mine's mineral processing facility and CCC's portion of the grant is expected to fund the development of a customized operator training program for the planned facility.

The Kings Mountain site is one of the few known hard-rock lithium deposits in the U.S. Currently, Albemarle is preparing permits for submittal to regulatory agencies and undergoing studies and social impact assessments to determine the feasibility of reopening the mine. Albemarle expects the proposed mine and mineral processing facility to require a workforce of more than 1,000 construction jobs and an additional 300 full-time, skilled roles. The current Kings Mountain site has more than 300 employees.

Since 2016, Albemarle has committed more than $2 million dollars to community initiatives in the region with a focus on health, social services, educational and cultural initiatives intended to strengthen Kings Mountain and surrounding communities.

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 allows us to deliver advanced solutions for our customers.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, including, without limitation, information related to the use of and benefits derived from the donation to CCC, the funds from the DOE grant, the planes related to the Kings Mountain mine, and including all information relating to matters that are not historical facts, 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 Albemarle's and BMW Group's performance under their strategic agreement, future collaboration and development projects by Albemarle and BMW Group regarding lithium battery innovations, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's 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; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in 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 and collaborations; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle'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 investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Media Contact:
Jennifer Zajac, +1 (980) 308-6259, Jennifer.Zajac@albemarle.com

Investor Relations Contact:
Meredith Bandy, +1 (980) 999-5768, Meredith.Bandy@albemarle.com

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SOURCE Albemarle Corporation