Century Aluminum To Get $500 Mln DOE Funding For New Green Aluminum Smelter; Stock Up In Pre-market

(RTTNews) - Century Aluminum Co. (CENX) Monday said it was selected by the U.S. Department of Energy or DOE for a $500 million investment to build new green aluminum smelter, with a view to accelerating industrial decarbonization.

In pre-market activity on Nasdaq, Century Aluminum shares were gaining around 5.1 percent to trade at $13.90.

The DOE Office of Clean Energy Demonstrations, as part of the Industrial Demonstrations Program or IDP, would begin award negotiations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build the new aluminum smelter.

Century's Green Aluminum Smelter Project is one of 33 projects across more than 20 states to receive the Government funding for commercial-scale decarbonization solutions. The Project will strengthen domestic supply chains for materials critical for the green energy transition. These include electric vehicles, renewable-energy production and storage, building and construction, and sustainable packaging.

With the help of the funding, Century plans to build the first new U.S. primary aluminum smelter in 45 years, at a site within the Ohio/Mississippi River Basins.

The project is expected to create more than 1,000 full-time jobs represented by the United Steelworkers and over 5,500 construction jobs.

Upon completion, the smelter would double the size of the current U.S. primary aluminum industry.