New $582 million dollar investment will bring new jobs and high salaries to McMinn County
State and local officials announced $582 million dollar investment to establish a lithium hydroxide processing facility in McMinn County.
Piedmont Lithium is a producer of lithium hydroxide, a critical component in the supply chain for the booming electric vehicle market. After looking at over 30 different locations in 7 different states, the company decided to set up their new plant in Etowah, Tennessee, a move that Representative Mark Cochran said could be life changing to local families
“Tennessee continues to be a top business destination for world-class companies like Piedmont. This substantial investment in our community will result in more jobs for residents and a stronger local economy overall. I congratulate Piedmont on this exciting announcement and look forward to the company’s successful future in McMinn County,” said Cochran. “This will be 117 new jobs with salaries around $94,000. That is life changing money for some families. “
CEO of Piedmont Keith Phillips said Etowah was the clear choice, because of the work force and location.
“We are excited to announce the site of our newest project and partnership with the City of Etowah, McMinn County and the State of Tennessee as we advance our strategic goal of becoming a leading lithium supplier to the U.S.,” said Phillips. “We are humbled by the warm welcome we have received from our new partners, and we look forward to making Piedmont an integral part of the Etowah and McMinn County communities as we develop Tennessee Lithium together for our mutual success.”
TNECD has supported more than 50 economic development projects in the Southeast Tennessee region, resulting in approximately 7,500 job commitments and nearly $3 billion in capital investment.
TNECD Commissioner Stuart McWhorter said this just proves Tennessee’s place as a leader in the electric vehicle industry
“Centrally located within the southern automotive corridor, Tennessee continues to attract companies in the electric vehicle industry. We believe McMinn County will be the ideal location to support Piedmont‘s growth and success and appreciate this company’s significant investment in rural Tennessee. Thank you to the local community and our partners at CSX for their support in making this win a reality,” said McWhorter.
Piedmont Lithium plans to break ground in 6 to 9 months and hopes to be fully operational by 2025.
