A hat is displayed at Piedmont Lithium's headquarters in Belmont, Gaston County, North Carolina, U.S., July 16, 2021. Picture taken July 16, 2021. REUTERS/Ernest Scheyder/File Photo
(Reuters) - Piedmont Lithium Inc said on Thursday it will build a lithium processing plant in Tennessee to supply the rapidly-growing electric vehicle (EV) industry.
The move follows a U.S. government push for more domestic production of lithium, a critical metal for EV batteries. Last month's sweeping Inflation Reduction Act includes a $7,500 tax credit for EVs which contain certain elements mined or processed in the country.
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