Charged EVs | Koch invests $252 million in Compass Minerals to develop Utah lithium challenge

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Koch Minerals and Buying and selling, a subsidiary of Koch Industries, has made a $252-million funding in Compass Minerals to assist phase-one growth of Compass’s Nice Salt Lake useful resource, which is estimated to comprise 2.4 mMT of lithium carbonate equal (LCE).

Compass will use $200 million of the proceeds to advance the primary part of its lithium growth challenge. This determine represents roughly 75% of whole phase-one funding wants, together with the funding required by way of 2024 towards the development of a commercial-scale direct lithium extraction  and lithium conversion plant on the firm’s Ogden, Utah, photo voltaic evaporation facility.

Compass will use the remaining $52 million to cut back debt.

“Securing funding to aggressively pursue part considered one of our lithium development alternative has been an vital focus for our administration group,” mentioned Compass CEO Kevin S. Crutchfield. “This strategic funding will assist drive our lithium challenge ahead, strengthen our steadiness sheet and improve execution capabilities throughout our total platform.”

Compass Minerals expects the challenge’s final annual manufacturing capability to be roughly 35 kMT LCE. An preliminary phase-one capability of roughly 11 kMT LCE ought to come on-line by 2025.

“Koch Minerals and Buying and selling…will probably be working carefully with Compass Minerals and different Koch firms to unlock a big lithium useful resource at Compass Minerals’ Nice Salt Lake facility and turn out to be one of many first main US-based lithium producers,” mentioned Jon Chisholm, KM and T Vice President.

Supply: Compass Minerals


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