Citing the rapid growth of EV sales FMC Corporation (NYSE: FMC) has announced plans to triple its production capacity of lithium hydroxide by 2019.
The expansion will take place in three phases. FMC expects to reach a capacity of at least 30,000 metric tons by 2019, although it has the ability to adjust timing to meet market demand.
â€œOur phased expansion approach allows FMC to execute annual and multi-year sales contracts for each increment prior to commissioning,â€ said FMC Lithium VP Tom Schneberger. â€œIt is important that we maintain our high level of service and expand our production capacity as electric vehicle adoption rapidly increases demand for FMCâ€™s battery-grade lithium hydroxide.â€